Lanenok
EXERCISE 11
If you
Use the table in the worked example above to answer these questions:
chose to take a R40 000 loan, but pay it back over 4 years, how much
would you have to pay back per month?
2 What would you pay in total over the 4-year period?
3. How much interest will the bank earn on this loan?
What profit percentage does the bank make on this loan over the entire 4 year
period? Use this to calculate the average percentage charged by the bank as
interest per year.
4.If you chose to borrow only R30 000 over 3 years, how much would the bank
earn in interest? What is the bank's average percentage profit per year?
Interest on overdue accounts
Many people do not know that they are charged interest on bills not paid on time
what interest​