Hi all! I desperately need your help!
I need to do the following question. Would someone be so kind as to help me with the calculation as I do not have one in my textbook?
Provide for the Interest on the Mortgage Loan. Interest Is calculated at 12.00% per annum. The liability was re-paid By R 45 000 by April 1, 2007. There were no other additional loans or repayments during the financial year, but twelve end-of month instalments of R 1464.38 each are due to be repaid on the Loan, starting at the end of July 2007.
The Financial Year Runs From 1 July to 30 June. The mortgage loan amount on the List of Balances at 30 June 2007 is RR 159 750.00
The answer they provide is R 23 220. But they do not show how to get to it.
Please Help me guys? I don't have a tutor or Lecturer to ask as I am studying correspondence.
Thanks a million