Question $2$

$[6$ marks$]$

The impact of COVID$-19$ on the lives of many was a wake$-$up call to the need for savings. Many people lost jobs and sources of income. Saving for the unforeseen future is a measure that will likely curb the impact of such occurrences.

$2\mathrm{.}1.$ You have started saving for such challenging times by investing R$3000$ at the end of each month for five $(5)$ years. If the interest on your investment is $9\%$ per annum, how much should you have at the end of $5$ years?

$(3$ marks$)$

$2\mathrm{.}2.$ You have cut back on your spending since the COVID$-19$ lockdown period. You acquired a home loan valued at R$550000$ to buy a property and start a rental business. The interest on the loan is $12\%$ per annum, and the repayment period is $20$ years. Calculate your monthly repayment amount.

$(3$ marks$)$