Question 24 and 25

QUESTION 24: (8 MARKS) James Wants to buy a new car which will cost him R140 800. He will obuin a bank loan of 90% of the purchase price at an interest rate of 6.8% and will make monthly repayments over 3 years. How much will he still owe on the loan at the end of 2 years? (8) (BCALI72, FORMATIVE ASSESSMENT 2, 2012) QUESTION 25: (7 MARKS) I will not retire until ny retirement account has a balance of at least R2 500 000 and I will make no additional deposits into my retirement account. My account currently has a balance of R850 000 and cams 4.5% per annuin interest. compounded quarterly. How long will it take me to retire? (7) (BCALI72, FORMATIVE ASSESSMENT 2. 2012)