Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ria can the deposit and borrow the rest of the money she needs at a simple interest rate of 8% per year for 5 years.

Ria can the deposit and borrow the rest of the money she needs at a simple interest rate of 8% per year for 5 years. She can pay back the loan ;with interest ; in equal monthly repayment
1.What is the amount that ria needs to borrow? ?
2.calculate the total interest on the loan. At 8% simple interest per year
3 .if she pays back the money in 60 equal payment ; how much would each payment be??
Sorry the is actually that
Riah wants to buy a car that costs R125 000. The deposit is R29 00 .the bank charges a once off fee of R1 140; added to the loan amount before the interest is calculated at 9;75% coumpoud per year. The administration fee is R57 per month
1. What is the total amount of the loan that Riah has to get from the bank???
2. Write down the amonth of her monthly payment if it is R2 052; 01 plus the administration fee
3. What is the total amount she will have paid back after 5 years? ?
4. How much interest did she pay??
5 .how mush did the car cost in total? ?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

What do we mean by a progressive tax structure?

Answered: 1 week ago

Question

6. How likely are children to heed such advice? Why?

Answered: 1 week ago