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olga55 [171]
1 year ago
8

Tshepo needs R5 000 urgently. He goes to the bank and borrows the money at an interest rate of 28% per annum, compounded monthly

. The amount of money that Tshepo will have to pay the bank in fifteen months' time is​
Mathematics
1 answer:
12345 [234]1 year ago
8 0

Answer:

<u>R8000</u>.

Step-by-step explanation:

First, let's calculate the amount they are going to have to pay the bank after 1 year. It is given by the following expression:

R5 000 * 1.28= R6400

Therefore, they have to pay R6400/12 monthly.

Now, in fifteen months the total amount to pay should be (R6400/12) * 15= <u>R8000</u>.

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