3.1 TC intends to buy his dream house in a low-density suburb in the next 10 years, which will cost R3 million rands. He is going to put aside R170 000 each year for this project. Use the spreadsheet to calculate the interest rate at which he must invest the money in order to buy the house after 10 years. (5)

3.2 If the house will cost R3 million in 10 years but the present market value is R1.3 million, calculate the average annual rate of increase in the price of this property over the given period. (5)

3.3 If TC had R1.5 million when he got the idea of saving for the R3 million house. How many years would would it take for him to raise the required amount to purchase the house if the applied interest rate is 11%.

3.4 ND bought a bank financed car and decided to quickly repay the loan to reduce the loan interest. Over and above the monthly instalment of R6200, she paid R65 000 at the end of the first month, R90 000 at the end of the second month and 10 additional payments of R5000 at the end of each month thereafter. If the interest rate is 1% per month, calculate the present value of NDs proposed payment schedule during that 1-year period and illustrate a cash flow diagram for this payment. (5)