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The following is an extract from the amortisation schedule for Karina’s home loan over a period:
Month
|
Outstanding principal at month beginning
|
Interest due at the end of the month
|
Payment
|
Principal repaid
|
?
|
R948 004,00
|
R8 690,04
|
R25 804,71
|
R930 889,33
|
The applicable yearly interest rate, rounded to two decimals, is