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[13 MARKS] QUESTION 2 Read the scenario below and answer questions 2.1 and 2.2 below Sanele takes out a student loan for his first year
[13 MARKS] QUESTION 2 Read the scenario below and answer questions 2.1 and 2.2 below 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 2.1 If Sanele pays a monthly instalment of R 1 446.91, calculate the loan amount and substitute the known values and determine P _(8) Determine how much interest Sanele will have paid on his student loan at the end of 18 months. (5) 2.2 18 MARKS] QUESTION 3 Read the scenario below and answer question 3.1 to 3.3 below At the end of four years, Romeo deposits R500 into an investment account. If the interest rate on the account is 10% per annum compounded yearly, determine the value of his investment at the end of 4 years. 3.1 3.2 Determine the given information and compound interest formula _13) Draw a table indicating the interest payments and accumulated amounts for each of the interest payments and accumulated amounts for each of the four years_
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