Question

20% deposit

5 years to pay
Monthly instalment
R6475,00
how much will he pay after 5 years?

Answer 1

R12,950.00

Explanation:

We solve using the formula

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 20%/100 = 0.2 per year.

Solving our equation:

A = 6475(1 + (0.2 × 5)) = 12950

A = R12,950.00

Therefore, the amount he will pay after 5 years is R12,950.00