1.1 Akhona decides to invest R2 500, at the bank that offers an interest rate of 9% p.a compounded semi- annually. Calculate how much he will have after 5 years. (3)
1.2 A bank granted Elihle a loan for R2 600 000 to buy a house. She agreed to repay the loan over 20 years at an interest rate of 13,5% p.a compounded monthly. She made her payment at the end of the first month after the loan was granted.
1.2.1 Calculate Elihle's monthly instalments. 1.2.2 Due to unforeseen circumstances. Elihle could not pay her 177th, 178th, 179th, 180. 181, 182nd and 183. She resumed her payment at the end of the 184th.
a) Calculate the outstanding balance after the 183d payment
b) If Elihle continues paying the same monthly instalment, how long will it take her to pay off the outstanding balance? ​