Question

Show how the closing balance after payment value of R719512.34 for month 10 was calculated

Answer 1

Opening Balance for Month 10 = R717,845.67

Payment Value for Month 10 = R1,912.67

Closing Balance for Month 10 = Opening Balance for Month 10 - Payment Value for Month 10

Closing Balance for Month 10 = R717,845.67 - R1,912.67

Closing Balance for Month 10 = R719512.34