Loans (Grade 12 NSC Matric Mathematical Literacy): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What makes loan repayment cost more than the borrowed amount?
What makes loan repayment cost more than the borrowed amount?
Interest charges on the loan
Why do lenders charge interest on loans?
Why do lenders charge interest on loans?
They give up use of their money
What is an initiation fee?
What is an initiation fee?
One-time charge when loan is approved
How do longer repayment periods affect monthly payments?
How do longer repayment periods affect monthly payments?
Lower monthly payments
Using: Total = Fee + [Instalments × (Payment + Admin)]. Find total if Fee=R1000, 12 months, R500, R50
Using: Total = Fee + [Instalments × (Payment + Admin)]. Find total if Fee=R1000, 12 months, R500, R50
R7600
What is true about shorter loan terms?
What is true about shorter loan terms?
Higher monthly payments, lower total cost
A R16000 loan costs R20736 over 24 months or R28200 over 60 months. How much is saved with 24 months?
A R16000 loan costs R20736 over 24 months or R28200 over 60 months. How much is saved with 24 months?
R7464
What should you compare when choosing between loan options?
What should you compare when choosing between loan options?
Total costs, not just monthly payments
What is a monthly administration fee?
What is a monthly administration fee?
Extra monthly cost for admin services
What is the consequence of choosing lower monthly payments?
What is the consequence of choosing lower monthly payments?
Paying significantly more total interest