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: Statement 11 Account No. 475852QT Original Term: 240 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 4240 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 1. Determine the total interest paid to date. 2. Due to the 2020 coronavirus pandemic and the 2-months lockdown, Mr Maarman will be unable to pay the instalments for the next 6 months. He plans to resume his monthly instalments at the end of December 2020. The bank allowed the Maarman family the 6-month payment holiday. What will be the balance on their home loan at the end of November 2020? Assume that all other things as contracted before, remain the same. Also assume that there will be no interest rate changes for the remainder of 2020. 3. Due to the 2020 coronavirus pandemic and the 2-months lockdown, Mr Maarman will be unable to pay the instalments for the next 6 months. He plans to resume his monthly instalments at the end of December 2020. The bank allowed the Maarman family the 6-month payment holiday. What will be the minimum required instalment as from the end of December 2020? Assume that all other things as contracted before, remain the same. Also assume that there will be no interest rate changes for the remainder of 2020. 4. If the Maarman family paid R500 per month more per month, since the start of this relationship, their balance would have been how much now? 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: Statement 11 Account No. 475852QT Original Term: 240 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 4240 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 1. Determine the total interest paid to date. 2. Due to the 2020 coronavirus pandemic and the 2-months lockdown, Mr Maarman will be unable to pay the instalments for the next 6 months. He plans to resume his monthly instalments at the end of December 2020. The bank allowed the Maarman family the 6-month payment holiday. What will be the balance on their home loan at the end of November 2020? Assume that all other things as contracted before, remain the same. Also assume that there will be no interest rate changes for the remainder of 2020. 3. Due to the 2020 coronavirus pandemic and the 2-months lockdown, Mr Maarman will be unable to pay the instalments for the next 6 months. He plans to resume his monthly instalments at the end of December 2020. The bank allowed the Maarman family the 6-month payment holiday. What will be the minimum required instalment as from the end of December 2020? Assume that all other things as contracted before, remain the same. Also assume that there will be no interest rate changes for the remainder of 2020. 4. If the Maarman family paid R500 per month more per month, since the start of this relationship, their balance would have been how much now
