Ronan takes a loan of K30 000. He repay the loan with 15% p.a. simple interest in one year. What is the loan balance after first repayment had been made fortnightly?

To calculate the loan balance after the first repayment has been made fortnightly, we need to first calculate the total interest that will accrue over the year.

Total interest = Principal x Rate x Time
Total interest = K30,000 x 0.15 x 1
Total interest = K4,500

Now, we need to calculate the total amount that Ronan will repay over the year, including the interest.

Total amount = Principal + Total interest
Total amount = K30,000 + K4,500
Total amount = K34,500

Since Ronan will be making fortnightly repayments, we need to calculate the amount he will repay each fortnight.

Number of fortnights in a year = 26
Fortnightly repayment = Total amount / Number of fortnights
Fortnightly repayment = K34,500 / 26
Fortnightly repayment = K1,326.92

After the first repayment has been made, the loan balance will be:

Loan balance = Total amount - Fortnightly repayment
Loan balance = K34,500 - K1,326.92
Loan balance = K33,173.08

Therefore, the loan balance after the first repayment has been made fortnightly will be K33,173.08.

Assuming Ronan makes 26 fortnightly repayments in a year, the interest on each repayment is K30,000 x 15% x 1/26 x 1/100 = K9.23. Therefore, the principal repaid on each repayment is K30,000 x 1/26 = K1,153.85.

After the first repayment, the loan balance is K30,000 - K1,153.85 = K28,846.15.