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ONLTVM03 Home Loan with minimum monthly payment Paradyskloof, Stellenbosch The following is the home loan account of the Maarman family. The instalments were the minimum required monthly end-of-month instalments on a loan for their 3-bedroom house in Paradyskloof, Stellenbosch. The interest rate remained fixed from the start of this loan: 1. Determine the total interest paid for 2017. 2. Assume that the interest rate decreased earlier today, June 04, 2020, how much will be the new instalment? 3. Determine the total amount paid off on your loan in 2021. Assume that you will pay the same amount as before the interest rate changed. 4. By when, precise date, will you have settled your loan debt if you pay the same amount monthly as before the interest rate changed? Give the answer in the format as MMMM DD, YYYY. Account No. 4758520T Original Term: 240 Statement 11 Statement Date: 02 June 2020 Remaining Term: 174 # Date Interest Instalment 01-Dec-19 61 31-Dec-19 48 583.76 55 755.94 62 31-Jan-20 48 501.57 55 755.94 63 28-Feb-20 48 418.45 55 755.94 64 31-Mar-20 48 334.38 55 755.94 65 30-Apr-20 48 249.34 55 755.94 66 31-May-20 48 163.32 55 755.94 Balance 4 240 036.85 4 232 864.66 4 225 610.29 4 218 272.79 4 210 851.22 4 203 344.62 4 195 752.00 TVM003 The following are the minimum required monthly end-of-month instalments on a loan for a house in Marina Martinique, Jeffreys Bay. The interest rate remained constant: 1. Determine the monthly instalment, if you paid your instalments 1 month in advance from the start of this relationship. 2. Assume that the interest rate increased earlier today, June 04, 2018, how much will be the new instalment? 3. Determine the total interest charged in 2019. 4. Determine the total amount paid off on vour loan in 2019. Statement 15 Account No: 359495Y Original Term: 240 Statement Date: 3 June 2018 Remaining Term: 150 Pinto 85 86 87 88 Date Interest alment 01-Dec-17 31-Dec-17 28 037.78 566.57 31-Jan-18 27 957.83 566.57 28-Feb-18 27 877.12 566.57 31-Mar-1827 795.65 566.57 30-Apr-18 27 713.43 566.57 31-May-18 27 630.43 566.57 Balance 2 990 696.84 2982 168.05 2 973 559.30 2 964 869.85 2 956 098.93 2 947 245.78 2938 309.641 89 90 1 # Answer Info Formula 2 1 240 term #N/A 3 150 remaining #N/A 4 90 last payme #N/A 5 31-May-18 date of last #N/A 6 R36 566.57 instalment #N/A 7 R28 037.78 1st interesi #N/A 8 R2 990 696.84 beginning ! #N/A 9 R2 938 309.64 balance to #N/A 10 11.25% interest rat =B7/B8*12 11 R3 485 000.06 =PV(B10/12,B2,- 12 R3 485 000.00 loan amoui=MROUND(B11,1 13 -R36 226.94 =PMT(B10/12,B2 14 . B C D E 14 15 16 2 12.25% new rate #N/A 17 -R38 354.66 new instalr =PMT(B16/12,B3 18 19 20 3 -R346 293.69 =CUMIPMT(B16/ 21 22 23 4 -R113 962.29 =CUMPRINC(B16 ONLTVM03 Home Loan with minimum monthly payment Paradyskloof, Stellenbosch The following is the home loan account of the Maarman family. The instalments were the minimum required monthly end-of-month instalments on a loan for their 3-bedroom house in Paradyskloof, Stellenbosch. The interest rate remained fixed from the start of this loan: 1. Determine the total interest paid for 2017. 2. Assume that the interest rate decreased earlier today, June 04, 2020, how much will be the new instalment? 3. Determine the total amount paid off on your loan in 2021. Assume that you will pay the same amount as before the interest rate changed. 4. By when, precise date, will you have settled your loan debt if you pay the same amount monthly as before the interest rate changed? Give the answer in the format as MMMM DD, YYYY. Account No. 4758520T Original Term: 240 Statement 11 Statement Date: 02 June 2020 Remaining Term: 174 # Date Interest Instalment 01-Dec-19 61 31-Dec-19 48 583.76 55 755.94 62 31-Jan-20 48 501.57 55 755.94 63 28-Feb-20 48 418.45 55 755.94 64 31-Mar-20 48 334.38 55 755.94 65 30-Apr-20 48 249.34 55 755.94 66 31-May-20 48 163.32 55 755.94 Balance 4 240 036.85 4 232 864.66 4 225 610.29 4 218 272.79 4 210 851.22 4 203 344.62 4 195 752.00 TVM003 The following are the minimum required monthly end-of-month instalments on a loan for a house in Marina Martinique, Jeffreys Bay. The interest rate remained constant: 1. Determine the monthly instalment, if you paid your instalments 1 month in advance from the start of this relationship. 2. Assume that the interest rate increased earlier today, June 04, 2018, how much will be the new instalment? 3. Determine the total interest charged in 2019. 4. Determine the total amount paid off on vour loan in 2019. Statement 15 Account No: 359495Y Original Term: 240 Statement Date: 3 June 2018 Remaining Term: 150 Pinto 85 86 87 88 Date Interest alment 01-Dec-17 31-Dec-17 28 037.78 566.57 31-Jan-18 27 957.83 566.57 28-Feb-18 27 877.12 566.57 31-Mar-1827 795.65 566.57 30-Apr-18 27 713.43 566.57 31-May-18 27 630.43 566.57 Balance 2 990 696.84 2982 168.05 2 973 559.30 2 964 869.85 2 956 098.93 2 947 245.78 2938 309.641 89 90 1 # Answer Info Formula 2 1 240 term #N/A 3 150 remaining #N/A 4 90 last payme #N/A 5 31-May-18 date of last #N/A 6 R36 566.57 instalment #N/A 7 R28 037.78 1st interesi #N/A 8 R2 990 696.84 beginning ! #N/A 9 R2 938 309.64 balance to #N/A 10 11.25% interest rat =B7/B8*12 11 R3 485 000.06 =PV(B10/12,B2,- 12 R3 485 000.00 loan amoui=MROUND(B11,1 13 -R36 226.94 =PMT(B10/12,B2 14 . B C D E 14 15 16 2 12.25% new rate #N/A 17 -R38 354.66 new instalr =PMT(B16/12,B3 18 19 20 3 -R346 293.69 =CUMIPMT(B16/ 21 22 23 4 -R113 962.29 =CUMPRINC(B16