7.1 The estimated inflation rate is an average of 3% p.a.
How much will R800 000 today be worth 10 years from now? (2)
7.2 Peter saw an advert of a house worth R500 000 at an upmarket area.
He paid 20% deposit cash and took a loan from the bank to pay for the balance of the cost of the house.
7.2.1 What amount was the loan that Peter took from the bank? (1)
7.2.2 He planned to pay the loan back over 20 years starting from a month after
the loan was taken. The bank offers loans at 12, 5% interest p.a. compounded monthly. If the loan is R400 000,
calculate the value of his monthly instalments.
7.2.3 After 10 years he won lotto and wants to pay off the house.
How much of the lotto winnings did he use to pay off the house?
7.2.4 How much has he actually paid for the house when the debt is settled after 10 years?
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