Question

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

Answer 1

how do i do this

Answer 2

guess yu already did this before :o

Answer 3

yes but apparently the answer is different =38967,48

Answer 4

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

Answer 5

since this is how much he will need to pay for all the tuition

Answer 6

but it grows over the 3 years ,so i tried but never got that answer

Answer 7

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?

Answer 8

is it one loan taken out at the start of it all? or is it being added after each year goes by?

Answer 9

gotta get to class ... good luck

Answer 10

\[48180.67\ne 38967,48\]

Answer 11

our answer is supposed to be 38967.48 now we can suppose the loan is added each year

Answer 12

even assuming the loans are taken out and added year by year; that gets us to 44575.28 :/

Answer 13

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)

Answer 14

im not too keen on trying to make an answer fit :)

Answer 15

thanks guys cos i was trying to make that fit....its mind distructive