Murphy Bates
01/30/2023 · High School
Mr Hassan buys a house for R500 000,00 . He has to pay a \( 20 \% \) deposit and takes out a loan from the bank for the balance. The loan is amortised over a period of 20 years by means of equal monthly payments of R4 404,35. The interest rate for the loan is \( 12 \% \) per year, compounded monthly. The outstanding principal aftes 12 years is Select one: a. R400 000,00 . b. R270 989,54 . c. R309 615,00 .
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The outstanding principal after 12 years is approximately R270,989.54.
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