Question

tshiamo wants to buy a franchise that costs R250 000. He is planning on using 150000 of his savings and take a loan of outstanding amount. The loan has to be 5 years time and monthly payments fixed interest of 17.5% per year,compounded monthly.How much interest will Tshiamo pay I 5th month?​

Answer 1

tshiamo wants to buy a franchise that costs R250 000. He is planning on using 150000 of his savings and take a loan of outstanding amount. The loan has to be 5 years time and monthly payments fixed interest of 17.5% per year,compounded monthly.How much interest will Tshiamo pay I 5th month?

ANS- 23.4%