Answer in Financial Math for Siphesihle #205386

Question #205386

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.

Expert's answer

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

$=R562,500$

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

Amount =R. 3,562,500

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Assignment Expert

15.07.21, 22:14

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Siphesihle

10.06.21, 13:05

Mrs Smith invests R25 000,00 in an account earning 7,5% interest per year, compounded weekly. After a number of years, she receives double the amount she invested. Determine the period under consideration. Round your answer to the nearest year.

Siphesihle

10.06.21, 13:02

An amount of R3 000,00 is invested for three years at a simple interest rate and it earned R905,00 interest. Determine the simple yearly interest rate at which the money was invested. Give your answer as a percentage, rounded to two decimal digits.

Siphesihle

10.06.21, 13:00

John borrowed a certain amount of money from Tebogo at a simple interest rate of 8,7% per year. After five years John owes Tebogo R10 000,00. Calculate how much money John initially borrowed.