1. After moving to a new house, you buy a number of household items for a total of R34 300. You are able to finance the purchase of these goods under the following conditions:
1.1 The money is repaid in 24 equal monthly payments; the first payment is made after 6 months;
the interest rate is 12%p.a. compounded monthly.
Calculate the amount of the monthly repayments.
1.2
2. From IEB Additional Mathematics November 2006
How much money will you owe after 8 payments have been made?
Ashika takes out a loan of R450 000 at an effective interest rate of 14% p.a. in order to purchase a town house. She repays the loan with equal monthly instalments of R7 500, starting one month from the granting of the loan. The interest is compounded monthly.
2.1 Show that the nominal interest rate is approximately 13,17% p.a.
2.2 Calculate
2.2.1 the time span of the loan in months.
2.2.2 the value of the last payment (less than R7 500).
2.3 Calculate how much interest is paid:
2.3.1 in the first month
2.3.2 in the first year of repayment.
3. A retirement policy pays out R250 000 when a worker retires. The worker invests this amount at an effective 14,5% p.a. If the worker wishes to draw R7 500 a month, how long will the money last?
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