This mathematics problem involves applying core mathematical principles and formulas. Below you will find a complete step-by-step solution with detailed explanations for each step, helping you understand not just the answer but the method behind it.
ScanSolve AI Answer
Here are the solutions to the loan problems: Calculate the total repayment amount for borrowing R 3000 when repaying it over 24 months. Step 1: Identify the monthly instalment from the table. For a loan amount of R 3000 over 24 months, the monthly instalment is R 230. Step 2: Calculate the total repayment amount. Total repayment = Monthly instalment × Number of months Total repayment = R230 × 24 Total repayment = R5520 The total repayment amount is R 5520. R5520 Determine the ratio in its simplest form, of A to B, the monthly instalment for borrowing R2 000. Step 1: Identify the values for A and B from the table. For a loan amount of R 2000: A (12 months instalment) = R 285 B (24 months instalment) = R 190 Step 2: Write the ratio A to B. Ratio A : B = 285 : 190 Step 3: Simplify the ratio by dividing both numbers by their greatest common divisor. Both numbers are divisible by 5: 285 ÷ 5 = 57 190 ÷ 5 = 38 The ratio becomes 57 : 38. Both numbers are divisible by 19: 57 ÷ 19 = 3 38 ÷ 19 = 2 The ratio in its simplest form is 3 : 2. 3 : 2 A customer borrowed R4 000 and plans to pay it in equal monthly instalments for 3 years. The customer was charged 30% pa. simple interest. a. Calculate the interest on the loan for 3 years. Step 1: Identify the given values. Principal (P) = R 4000 Interest rate (i) = 30% p.a. = 0.30 Number of years (n) = 3 years Step 2: Use the simple interest formula I = P × i × n. I = R4000 × 0.30 × 3 I = R1200 × 3 I = R3600 The interest on the loan is R 3600. R3600 b. Hence, determine the monthly instalment (C) for the total amount that must be paid back. Step 1: Calculate the total amount to be paid back. Total amount = Principal + Interest Total amount = R4000 + R3600 Total amount = R7600 Step 2: Calculate the total number of months for repayment. Number of months = Number of years × 12 months/year Number of months = 3 × 12 = 36\, months Step 3: Calculate the monthly instalment (C). Monthly instalment (C) = Total amount / Number of months C = R760036 C ≈ R211.111... Rounding to two decimal places for currency: C ≈ R211.11 The monthly instalment (C) is approximately R 211.11. R211.11 Last free one today — make it count tomorrow, or type /upgrade for unlimited.