Tag - interest

Should you pay school fees annually in advance?

by Niel Fourie, Public Policy Actuary, Actuarial Society of South Africa The short answer to the question in the title of this article is: not if you have other short-term debt. Most schools have informed parents of the new school fees for 2015, which means that you have only a few weeks left in which to pick the payment option most favourable for...

The real cost of a personal loan

Michael wonders whether it’s legal for a bank to charge more than double the amount of his personal loan. “I recently applied for a personal loan of R79 000 to buy a car as I did not qualify for car finance due to a poor credit record. After costs, the total value of the loan came to R80 000. The loan will be paid off over five years at R3...