Mr mdlalose starts his own business and takes out a loan of R450 000
He repays the loan in four equal annual installments starting one year after the loan was granted
Calculate his annual repayments if the interest charged on the outstanding balance is 10% p.a. compounded annually
Given information
Loan amount = R450,000
Time Period = 4 years
Interest rate =10% p.a compounded annually
Here,
It can be calculated as follows:
So the Annual Repayment Payment of Mr mdlalose would be R1,41,961.86
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