Lesedi buys a house and make a down payment of 16% of the price of the house. for the remaining amount,she manages to secure a loan at an interest rate of 12.05% per year,compounded monthly for a period of 20 years her monthly her payment is 18556.84
A..The size of the loan ( to the nearest Rand is)
1. 4 453 642
2. 1 680 000
3. 2 167317
4. 1 338320
B.. The down payment is
1. 213 411
2. 320 00
3. 346 771
4. 268 800
Lesedi's yearly payment= 18556.84*12=222682.08
A=p(1+r/n)nt
222682.08(1+12.05%)20*12
222682.08(1.0100416)240
=2449672.089
So Lesedi's size of loan is 2449672
b. 84%=2449672
16%=?
(16*2449672)/84
=466604.21
The down payment is 466604
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