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After years of struggle to get a permanent job after graduation Leah has finally secured a high paying job and is able to finally able
After years of struggle to get a permanent job after graduation Leah has finally secured a high paying job and is able to finally able to buy a house for her mother, a goal she set for her set when she received her university acceptance. Leah applied for a home loan and was approved for R at an interest of The repayment term is years with monthly instalments payment at the end of each month. However, Leah has some questions and has come to you for some advice: She wants to know how much she will be paying every month as she is concerned that she still has some other obligations and does not want to strain herself financially. Leah wants to know how much interest she will have to pay in the fifth year of her bond. Leah was advised by a friend that she can have her interest rate reviewed after having held a bond for at least two years, Leah has had the bond for five years. After the review the bank has advised that they will reduce the interest rate to the current prime rate. Leah now wants to know her new instalment. Things are looking up for Leah; she has just received a substantial performance bonus on top of her annual bonus and has made the wise decision of settling her bond. At this stage Leah has had the bond for ten years. She wants to know her remaining balance
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