38 3 Simon takes a loan from Ayanda to the value of R25 000

Last updated: 8/8/2023

38 3 Simon takes a loan from Ayanda to the value of R25 000 to start up a new business Ayanda charges him interest at 12 per annum compounded semi annually Three years after he took out the loan Simon repays an amount of R12 000 Ayanda then changes the loan agreement and charges Simon interest rate of 15 per annum compounded monthly for ffuther 2 years At the end of the first year of this new agreement Simon borrows a further R10 000 3 3 1 Draw a timeline for the loan as described above 3 3 2 Calculate the amount of money that Simon owes after 5 years 3 5