Answer:
Explanation:
1.2 The monthly installment of the truck is R22,301.67 and the insurance is R8,500.
1.3 The loan term of the truck is 60 months, which is 5 years.
To determine the monthly repayments that were made towards the water tanker including the insurance cover amount, we need to add the monthly installment and the insurance amount:
Monthly repayment = R22,301.67 + R8,500
Monthly repayment = R30,801.67
So the monthly repayment made towards the water tanker is R30,801.67.
The contractor had already made half of the monthly installments towards the truck in June 2022, which is 5 months after the start of the loan term. Therefore, the number of installments made by June 2022 is:
Number of installments = (5/12) * 60
Number of installments = 25
So the contractor has made 25 monthly installments by June 2022. To determine the total amount of money owed to the financer excluding the insurance in June 2022, we need to subtract the total payments made from the total amount financed:
Total payments made = 25 * R22,301.67
Total payments made = R557,541.75
Total amount financed = 60 * R22,301.67
Total amount financed = R1,338,100.20
Amount owed to the financer excluding insurance = Total amount financed - Total payments made
Amount owed to the financer excluding insurance = R1,338,100.20 - R557,541.75
Amount owed to the financer excluding insurance = R780,558.45
Therefore, the total amount of money that was owed to the financer excluding the insurance in June 2022 was R780,558.45.