Sanele takes out a student loan for his first year of business management. The loan agreement states that the repayment period is equal to 1.5 years for every year of financial assistance granted that...

Sanele takes out a student loan for his first year of business management. The loan agreement states that the repayment period is equal to 1.5 years for every year of financial assistance granted that the loan is subject to an interest rate of 10% per annum compounded monthly. 1. If Sanele pays a monthly installment of R 1446.91. Calculate the loan amount.