QUESTION 1

Mr Hamilton would like to purchase a vehicle for his sons 21st birthday. If the vehicle costs R225 000 and the dealership requires a twenty percent (20%) deposit with monthly repayments at an interest rate of 15% compounded monthly over five years, how much sooner would Mr Hamilton be able to repay the loan agreement if he decided to offer a twenty five percent (25%) deposit and kept the monthly instalments the same as originally calculated with the deposit requested by the dealership.