Question

ESTION 1 A bank charges 12% simple interest p.a. on cash loans to its clients. Tito has asked for a R10 000 loan amount and has promised to repay the loan over 4 years. 1.1.1 Define the term interest in the given context. (2) (2) 1.1.2 Re-write 12% as a common fraction in simple form. 1.1.3 Convert 4 years to months. (2) 1.1.4 Calculate the interest which Tito should pay for the loan. (4) (2) Calculate the total amount Tito must pay back after 4 years. 1.1.5 1.1.6 Give ONE reason why people loan money from banks. (2)​

Answer 1

Answer:

40000

this is the answer