Question
QUESTION 2 [25 MARKS] You are a home loan consultant at Best Bond Bank. Your client, Buhle, purchased her apartment in 2023 for R684 000
QUESTION 2 [25 MARKS] You are a home loan consultant at Best Bond Bank. Your client, Buhle, purchased her apartment in 2023 for R684 000 with a 100% loan and a compound interest rate of 9% pa. Her bond repayment is R6 000 a month. 1. Calculate Buhles monthly interest rate. (3) 2. How much was paid towards interest on the capital debt from the first instalment? (5) 3. What would the value or outstanding balance of her loan be after she makes this payment? (3) 4. How much will be paid in interest from her second instalment as her capital debt amount has decreased? (5) 5. How much was paid towards her capital debt with her second instalment? (3) 6. Explain the trend that you see developing.
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