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The Capital portion of the loan that will be paid in the next financial year will increase by R15 000.

Accounting

ScanSolve AI Answer

Answer

R28 000\text{R}28\,000

Step-by-step solution

3 steps
  1. Set up the equation based on the loan statement.

    The balance on 01 March 2024, plus the interest for the year, minus the repayments, should equal the balance on 28 February 2025.
    Let xx be the interest for the year.

    380 000+x−78 000=330 000380\,000 + x - 78\,000 = 330\,000
  2. Simplify the equation.

    Combine the known values on the left side.

    302 000+x=330 000302\,000 + x = 330\,000
  3. Solve for xx.

    Subtract 302 000302\,000 from both sides of the equation.

    x=330 000−302 000x = 330\,000 - 302\,000 x=28 000x = 28\,000

    The interest for the year is R28 000.

    The interest for the year is:

    R28 000\text{R}28\,000
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