finance

ESTION 9 A photocopier valued at R24 000 depreciates at a rate of 18% p.a. on the reducing- balance method. After how many years will its value be R15 000? A car that costs R130 000 is advertised in the following way: 'No deposit necessary and first payment due three months after date of purchase. The interest rate quoted is 18% p.a. compounded monthly. 9.2.1 Calculate the amount owing two months after the purchase date, which is one month before the first monthly payment is due. 9.2.2 Herschel bought this car on 1 March 2009 and made his first payment on 1 June 2009. Thereafter he made another 53 equal payments on the first day of each month. (a) Calculate his monthly repayments. (b) Calculate the total of all Herschel's repayments. 9.2.3 Hashim also bought a car for R130 000. He also took out a loan for R130 000, at an interest rate of 18% p.a. compounded monthly. He also made 54 equal payments. However, he started payments one month after the purchase of the car. Calculate the total of all Hashim's repayments. 9.2.4 Calculate the difference between Herschel's and Hashim's total repayments. TIL o T