Answered

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Sabrina wants to consolidate her debt. She has the following loans: Mortgage bond of R3 200 000 at 12% compounded monthly over 20 years. There are 90 repayments left. Student loan of R220 000 at 13% compounded monthly over 3 years. There are 12 repayments left. Vehicle loan of R400 000 at 10% compounded monthly over 6 years. There are 36 payments left. Sabrina's bank has agreed to increase her mortgage facility on 1 July 2024. This will allow her to settle the outstanding balances of the student and vehicle loans. Calculate the outstanding balance of the vehicle loan using the information provided.
A. R229 655.23
B. R339 847.81
C. R256 183.21
D. R282 430.92

Sagot :

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