Question 1. A loan of some principal amount of P Rand accrues interest of 12% per annum, compounded monthly. The loan is repaid in monthly instalments, with the first instalment of Q Rand due two months after the moment that the loan is granted. The instalment amount paid after every 4th month, counting from the moment when the loan is granted, is increased by 3% from the instalment in the previous month. The amounts of all other instalments are equal to the amount of the instalment paid in the directly previous month. Question 1.1. If the principal amount P of the loan is R55 000 and the first instalment Q is R1500. How long will it take to repay the loan? (disregard any overpayment in the last instalment). Save the spreadsheet used to solve this question with filename "q11" (either .ods or .xls formats are accept- able). Question 1.2. With everything else the same, if the principal amount P of the loan is R500 000, what should the first instalment be so as to repay the loan after exactly 60 months, counting from the moment that the loan is granted. Save the your spreadsheet used to solve this question with filename "q12" (either .ods or .xls formats are acceptable) Question 1.3. With everything else the same, if the first instalment Q of the loan is R1000, what should the principal amount P be so as to repay the loan after exactly 120 months, counting from the moment that the loan is granted. Save the spreadsheet used to solve this question with filename "q13" (either .ods or .xls formats are accept- able) Question 1.4. If the first instalment Q of the loan is R 1000, and the principal amount Pis R 200000, determine the balance of the loan after both 94 months, and after 96 months. Indicate clearly which balance corresponds to which month. (In this question, it may, or it may not be the case that the instalments are sufficiently large to actually repay the loan.) Save the spreadsheet used to solve this question with filename "q14" (either .ods or .xls formats are accept- able) Question 1. A loan of some principal amount of P Rand accrues interest of 12% per annum, compounded monthly. The loan is repaid in monthly instalments, with the first instalment of Q Rand due two months after the moment that the loan is granted. The instalment amount paid after every 4th month, counting from the moment when the loan is granted, is increased by 3% from the instalment in the previous month. The amounts of all other instalments are equal to the amount of the instalment paid in the directly previous month. Question 1.1. If the principal amount P of the loan is R55 000 and the first instalment Q is R1500. How long will it take to repay the loan? (disregard any overpayment in the last instalment). Save the spreadsheet used to solve this question with filename "q11" (either .ods or .xls formats are accept- able). Question 1.2. With everything else the same, if the principal amount P of the loan is R500 000, what should the first instalment be so as to repay the loan after exactly 60 months, counting from the moment that the loan is granted. Save the your spreadsheet used to solve this question with filename "q12" (either .ods or .xls formats are acceptable) Question 1.3. With everything else the same, if the first instalment Q of the loan is R1000, what should the principal amount P be so as to repay the loan after exactly 120 months, counting from the moment that the loan is granted. Save the spreadsheet used to solve this question with filename "q13" (either .ods or .xls formats are accept- able) Question 1.4. If the first instalment Q of the loan is R 1000, and the principal amount Pis R 200000, determine the balance of the loan after both 94 months, and after 96 months. Indicate clearly which balance corresponds to which month. (In this question, it may, or it may not be the case that the instalments are sufficiently large to actually repay the loan.) Save the spreadsheet used to solve this question with filename "q14" (either .ods or .xls formats are accept- able)
