Question

Zandile is about to purchase a car for R191 810,00 on terms from a car dealer. The terms
are R23 235 deposit and the rest paid in equal quarterly payments of R13 292,48 at the end
of each quarter for four years. The interest rate is 11,5% per year, compounded quarterly.
Considering the amortisation schedule, the principal repaid during the third quarter of the
first year, is equal to

Answer 1

Given :   Zandile is about to purchase a car for R191 810,00 on terms from a car dealer.   R23 235 deposit  . equal quarterly payments of R13 292,48

to find : the principal repaid during the third quarter of the  first year,

Solution:

Zandile is about to purchase a car for  191 810.00

Deposites =  23235

Remaining amount to pay  = 191810.00 - 23235

= 168575

quarterly payments of  13292.48

Interest for 1st Quarter = 168575 * (11.5) / 400  = 4,846.53

Principle paid in 1st Quarter = 13 292.48 - 4846.53

= 8445.95

Remaining principle =  168575 -  8445.95

= 160129.05‬

Interest for 2nd Quarter = 160129.05 * (11.5) / 400  = 4603.71

Principle paid in 2nd Quarter = 13292.48 - 4603.71

= 8688.77

Remaining principle =  160129.05‬ -  8688.77

= 151440.28

Interest for 3rd Quarter =  151440.28 * (11.5) / 400  = 4353.9

Principle paid in 3rd Quarter = 13292.48 - 4353.9

= 8938.57

principal repaid during the third quarter of the  first year,  = R8938.75

option is  [4] R8 938,57

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