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Maths Paper 1, November 2024, question 7.3.2

Maths P1 · Finance growth and decay
7.3.27 marks
Sipho took out a loan of R80 000 on 1 June 2021 at an interest rate of 12% p.a., compounded monthly. He agreed to repay the loan over 5 years by paying monthly instalments of R1 779,55, with the first instalment on 1 July 2021. On 1 June 2023 Sipho paid R16 779,55 into the loan account. This was his usual instalment plus an extra R15 000. He keeps paying the usual instalment every month after that. Calculate how many whole months earlier than planned Sipho will finish repaying the loan.

NSCBased on Nov 2024 · Paper 1 · Q7.3.2

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What examiners found

Many candidates left this multi-step loan question blank.

In our words. Source: Department of Basic Education, NSC 2024 Diagnostic Report, Part 1 (Book 1), Q7.3.2.

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