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A loan of R12000 was secured at 20% p.a. effective. It was agreed to repay...

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Algebra

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A loan of R12000 was secured at 20% p.a. effective. It was agreed to repay the loan via regular equal monthly payments of R310 per month and a final payment (F < 310) to be made one month after the last payment of R310. Payment started one month after the loan was granted. The client missed the 12th, 13th, 14th and 15th payments. The equal amounts, rounded to the nearest cent, that must be added to all the remaining payments, from the sixteenth month onwards, for the loan to be repaid in the same time period, are equal to R

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