The table shows an illustrative interest overpayment for a R500 loan. The calculation assumes simple interest, a 30-day month and does not include fees or other charges.
|
Loan term |
3% per month |
5% per month |
|
10 days |
R5.00 |
R8.33 |
|
30 days |
R15.00 |
R25.00 |
|
60 days |
R30.00 |
R50.00 |
|
90 days |
R45.00 |
R75.00 |