Question

Six years ago olwethu lent happy R150 000 on condition that he would pay her back in nine years time. The applicable interest rate is 15,5% per year,compounded monthly. Happy also owes olwethu another amount of R250 000 that he has to pay back six years from now for a loan that earned interest at 16,4% per year , compounded semi annually. Happy asks olwethu if he can settle his debts three years from now. The total amount that Happy will have to pay in three years is

Answer 1

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