Linda takes out a student loan to pay for 3yrs of varsity fees.the fees for the 1st year are R11 500.the 2nd yr fees are R13 000 nd 3rd yr fees are R14 000.U can assume that the fees are payable on 1st jan each year. Determine the loan amount at the end of 3rd yr.assume no amount has been repaid during period dat she was studyn.interest is 7;5% per month compunded monthly
how do i do this
guess yu already did this before :o
yes but apparently the answer is different =38967,48
i mean i dont understand,it seems like he takes one loan at the begining not repeatedly...so the loan has to be=11500+13000+14000=38500
since this is how much he will need to pay for all the tuition
but it grows over the 3 years ,so i tried but never got that answer
Linda takes out a student loan to pay for 3yrs of varsity fees. the fees for the 1st year are R11 500. the 2nd yr fees are R13 000 nd 3rd yr fees are R14 000. -------------------------- 38 500 total U can assume that the fees are payable on 1st jan each year. Determine the loan amount at the end of 3rd yr. assume no amount has been repaid during period interest is 7;5% per month compunded monthly 38500(1+.075/12)^(12*3) maybe?
is it one loan taken out at the start of it all? or is it being added after each year goes by?
gotta get to class ... good luck
our answer is supposed to be 38967.48 now we can suppose the loan is added each year
even assuming the loans are taken out and added year by year; that gets us to 44575.28 :/
7;5% per month it may grow even larger if the interest rate is that high... (7.5 per month is almost double every year)
im not too keen on trying to make an answer fit :)
thanks guys cos i was trying to make that fit....its mind distructive
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