### Solution
#### 4.1.1. Define the term monthly repayments in the given context.
In this context, monthly repayments refer to the amount of money that the Mbona family needs to pay to the lender every month to repay the home loan. This repayment includes both the principal amount borrowed and the interest charged on the loan over the agreed loan period.
#### 4.1.2. Write down the loan factor that will be used to calculate the Mbona's monthly repayments.
For a 20-year loan period at an interest rate of Prime (9%) + 2%, the applicable interest rate is 11%. According to Table 4, the loan factor for an 11% interest rate over 20 years is 10.15.
#### 4.1.3. Determine the loan amount the Mbona family would pay for the house.
To find the loan amount, the formula used is:
[tex]\[ \text{Loan amount} = \text{Cash Price} - \text{Deposit} \][/tex]
Given:
- Cash Price of the house: R 1,550,000
- Deposit: Since the problem statement doesn’t mention any deposit, we assume the deposit to be R 0.
Thus,
[tex]\[ \text{Loan amount} = R 1,550,000 - R 0 = R 1,550,000 \][/tex]
#### Calculation of Monthly Repayment:
The formula for calculating the monthly repayment is:
[tex]\[ \text{Monthly repayment} = \left( \frac{\text{Loan amount}}{1000} \right) \times \text{Loan factor} \][/tex]
Given:
- Loan amount: R 1,550,000
- Loan factor: 10.15
So,
[tex]\[ \text{Monthly repayment} = \left( \frac{1,550,000}{1000} \right) \times 10.15 \][/tex]
[tex]\[ \text{Monthly repayment} = 1,550 \times 10.15 \][/tex]
[tex]\[ \text{Monthly repayment} = 15,732.5 \][/tex]
Therefore, the loan factor is 10.15, the Mbona family would pay R 1,550,000 for the house, and the monthly repayment would be R 15,732.5.
