Sam wants to buy a house and takes out a loan of R860 000. He can only afford to pay R7 200 per month starting one month after the loan is granted. The interest rate is compounded monthly at 9,5% p.a. 3.3.1 Calculate the number of payments that Sam will make to repay the loan? 3.3.2 How much will Sam pay in the last month to settle the loan?
