3.2.3 Financial institutions granting home loans use a loan factor table to determine the monthly repayment on a home loan. The monthly repayment may not exceed the person's disposable income. The table below is a loan factor table that shows the monthly repayments per R1 000 on a home loan with interest rates ranging from 7% to 8,75% per annum over 15, 20, 25 or 30 years. For example, if the home loan is R1 000 000 at an interest rate of 8,25% over 15 years then the monthly repayment is: R1 000 000 1 000 x 9,70= R9 700 per month Interest % LOAN FACTOR TABLE YEARS 15 20 7,25 % 9,13 7,90 7,50 % 9,27 8,06 7,75 % 9,41 8,21 8,00 % 9,56 8,36 8,25 % 9,70 8,52 25 7,23 7,39 7,56 7,72 7,88 30 6,82 6,99 7,16 7,34 7,51 Determine which period, 20 years or 25 years, at 7,75% interest will generate sufficient funds by means of a home loan to allow Anthony to buy the particular property and adhere to the NEC requirements regarding disposable income. (6) 3.2.4 Anthony is fortunate enough to be granted a home loan for the full remaining amount of the selling price and on 31st July 2022 he makes the first payment on the loan. Using his budget for March 2022, briefly discuss the change in his disposable income on 31st July 2022 if the cost of Municipal Services remains the same.