1. A couple takes out a loan from the bank in order to pay for their wedding. They pay the bank R 3 560 every month for 3 years. The bank charges them 9,5% p.a. compounded monthly. What was the original value of their loan?
2. Mrs Busisiwe takes a loan from the bank in order to re-furnish her house. She decides that she needs R 50 000 in order to get the furniture that she wants. The bank agrees to give her the loan and charges her 15,7% interest compounded quarterly. If her repayment is R 2 500 every third month, how long will it take her to pay back the loan rounded off to the nearest year?
3. Joe and Kate decide to start their own business. They go to NBC Bank and ask them what their repayments would be if they took out a loan of R 100 000. The bank says that they can pay the loan back over 5 years and with at an interest rate of 12,3% compounded monthly. What amount will the NBC Bank staff tell Joe and Kate if they have to make monthly instalments?
4. Susan’s mother decides to take out a loan in order to pay for Susan’s first year at university. The fees for the first year of university are R23 500. The bank tells Susan’s mom that they will charge her 3.67% interest compounded monthly and that she has to pay the loan back over 2 years. What will Susan’s mother’s monthly instalments be?
5. Judy decides to buy musical equipment for her school. The music shop says that Judy can pay off the loan over 2 years at R 350 per month. They say that they will charge her 5,8% interest p.a. compounded monthly. What was the original loan that Judy took out from the music shop?
6. George offers short term loans. He decides that for a loan of a certain value, he will charge a monthly instalment of R 2 380. He will ask people to pay the loan back over 4 years and charges these people 16,78% compounded monthly. What is the value of the loan that George will give?
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