Question 1111422
The answer is {{{highlight(36803)}}} .
What the wording means is that the first R2 000 payment is due
exactly 1 quarter (3 months) after receiving the loan.
At that time, the bank
adds to the amount owed {{{"18%"*(1/4)=0.18/4=0.045}}} times the amount owed,
and subtracts the R2 000 received at that time.
The new balance would be
{{{36803+36803*0.18*(1/4)-2000=36083*1.045-2000=36459.14}}} .
A quarter later, the bank adds a quarter worth of interest on R36459.14,
and Lerato pays another R2 000.
The balance then is
{{{36459.14*1.045-2000=36099.80}}} .
At {{{10years =40quarters}}} after taking the loan,
Lerato would make the last R2 000 payment,
and the balance owed would be zero.
 
You may have been taught that to calculate that R36 803 you had
to use a factor from a table, or
to use software, or
to use a formula.
I used the function PV (present value) in a Microsoft Excel spreadsheet,
entering {{{0.18*(1/4)=0.045}}} as Rate (per quarter),
{{{40}}} for Nper (the number of periods, or equal payments),
{{{2000}}} for PMT (the amount of each payment),
{{{0}}} for FV (future value),
and 0 (no entry) for "Type" (meaning payments made at the end of each period).
 
I got the same number calculating
{{{(2000/0.045)(1-1/1.045^40)="36083.16884....."}}} .