Janine borrows R 100 000 from her bank to start a small clothing business. The bank chargers an annual interest rate of 10% per annum over 7 years. Calculate the size of the annual payment and prepare an amortization schedule for the borrowed amount. (You should round the payments up to three decimal places).

Michael is a budding pilot who borrows R 40 000 from a financial institution to take flying lessons. He will be charged at a rate of 5% per annum compounded quarterly over six years. What repayments will Michael have to make every three months?