3. Suppose you recently bought a house for R1 650000 and secured a home loan from the bank, with an interest rate of 9% per annum (compounded monthly) for a 20-year (240-month) term. You are obligated to make equal monthly payments, and your first payment is due in one month's time. However, after reviewing the bank's repayment calculation, you realize that you can afford to pay R1 000 more each month. How many months less will it take you to repay the home loan if you consistently make an additional monthly payment of R1 000. You may assume that the interest rate will remain fixed over the term of the home loan. a) 203.24 months b) 0.24 months c) 36.76 months d) 60.10 months e) None of the above 4. Nombulelo Makwete has been shopping around for a loan to finance the purchase of a used car she is buying. She needs to borrow R205 000 . She found four offers that seem to be attractive, but would like to choose the offer with the lowest annual interest rate The information she was provided by the banks were as follows: You may assume that the interest on all four loans above are compuunuev monthly. Which loan should Nombulelo take if she wants to choose the loan with the lowest annual interest rate? a) Loan A b) Loan B c) Loan C d) Loan D e) None of the above