The question is posted below.

How does one go about answering #2 of this question? I tried calculating the difference between the R10 000 and the outstanding balance after 6 savings but it was wrong. I also tried a few other methods but can't get the answer.

Answers given in the solutions:

1) 7 years

2) R603.74

Thanks Zaba.

Don't stress too much about this question. Loans has been taken out from this course so this question is a little bit beyond the scope of this course. All you need to know about loans is what you covered in class with Sure.