Question

Jim took a loan of R30 000,00 for 18 months at a simple interest rate of 12,5% per year. Determine

the amount that Jim will pay in 18 months.

Answer 1

$\frac {P×R×T} {100×12}=\frac {300,000×12.5×18}{100×12}$

$=R562,500$

Amount =$3, 000,000+562,500$

Amount =R. 3,562,500