Two equal monthly payments can belong to different loan amounts or durations. Compare the cash received and number of payments as well.
What to check
- Amount received
- instalment size and payment count
Use the written quote to separate cash received, scheduled payments and charges outside those payments. Keep a calculation with each quote.
A decision to avoid
Choosing between identical instalments without looking at the end date.
A calculation you can check
Illustration only: cash received R2 000; three payments of R750; a separate required charge of R50. Total paid = 3 × R750 + R50 = R2 300. Difference from cash received = R2 300 − R2 000 = R300. This difference is not an annual interest rate. Include the charge only if it is outside the three payments; do not count it twice.
Questions about this decision
What should I check first?
Two equal monthly payments can belong to different loan amounts or durations. Compare the cash received and number of payments as well.
Which information do I need for this decision?
Amount received, instalment size and payment count.
Which mistake should I avoid here?
Choosing between identical instalments without looking at the end date.
How do I check amount received?
Locate the actual dated record for Amount received. Compare it with the other records in this checklist; ask the organisation responsible for any unexplained difference.
How do I check instalment size and payment count?
Locate the actual dated record for instalment size and payment count. Compare it with the other records in this checklist; ask the organisation responsible for any unexplained difference.
What should I do if a required detail is missing?
Mark it as unresolved. Ask for that precise detail before choosing; do not substitute an advertised example for your own document.
What is the next practical step?
Use the written quote to separate cash received, scheduled payments and charges outside those payments. Keep a calculation with each quote.
How can I verify the explanation?
Use the documents listed above. Check quoted amounts and dates in the original record; use the official reference links for the organisation’s guidance.
