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Kevin takes out a bank loan for R250 000 . The interest rate charged by the bank is \(18,5 \%\) per annum compounded monthly.


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Kevin takes out a bank loan for R250 000 . The interest rate charged by the bank is \(18,5 \%\) per annum compounded monthly.

(a) What will his monthly repayment be if he pays the loan back over five years, starting FOUR months after the granting of the loan?

(b) Calculate the balance outstanding after the 25 th repayment.
in Mathematics by ♦ Diamond (71,587 points) | 10 views

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