This example compares the interest overpayment on a R5,000 loan at 3% and 5% per month. Calculations use a 30-day month and exclude initiation, service and other permitted charges.
|
Loan term |
3% per month |
5% per month |
|
10 days |
R50.00 |
R83.33 |
|
30 days |
R150.00 |
R250.00 |
|
60 days |
R300.00 |
R500.00 |
|
90 days |
R450.00 |
R750.00 |