Question

Linda takes out a student loan 2 pay for 3yrs of varsity fees.the fees 4 the 1st year are R11 500.the 2nd yr fees r R13 000 nd 3rd yr fees r R14 000.U can assume dat the fees r payable on 1st jan each year.
(i) determine the loan amount @ the end of 3rd yr.assume no amount has been repaid during period dat she was studyn.interest is 7;5% p.m

Answer 1

is it like this
\[\large P=1300(1+i)^{36}+11500(1+i)^{24}+14000(1+i)^{12}\]@Hero @ganeshie8

Answer 2

@ganeshie8@Hero

Answer 3

@ajprincess

Answer 4

how do i do this

Answer 5

\[P=11500(1+i)^{-12}+1300(1+i)^{-24}+14000(1+i)^{-12}\]

Answer 6

Total amount at the end of 3rd year :-

\(\large P=11500(1+i)^{36}+13 0 00(1+i)^{24}+14000(1+i)^{12}\)

Answer 7

i = .075

Answer 8

??

Answer 9

but is that the loan she took out

Answer 10

or the acculmulated amount

Answer 11

well at first i thought that is ryt...but when i think of it loan is given by
\[P=A(1+i)^{-n}\]

we took a loan of P

Answer 12

accumulated
i think the loan amount is just watever the fees is...

Answer 13

yup ! but here 11500 , 13000, 14000 are Principal amounts she took from bank at those points in time right ?

if so, these are to be considered as P. and we need to solve for A above

Answer 14

correct logic the way i was thinking about it

Answer 15

why u doing these... these are baby problems for u :|

Answer 16

lol i am helping my brother in primary...and its the small stuff that help u get the big stuff

Answer 17

^^ nice :)

Answer 18

7;5% p.m is very huge i think... it should be p.a, then we may have to divide interest wid compounding intervals

Answer 19

nvm the question doesnt talk about compounding stuff...