Loan information Deposit: 8% Interest rate: Prime + 2% Loan period 20 years Assume the prime rate is 9%) 2.2.1 2.2 Calculate the real cost of the house with the given information above. Make use of the factor table in question 2.1 where factor values are needed. You may use the following formula to guide you in your calculations. Deposit Loan amount= house price - deposit Monthly repayments = interest rate = prime + 2% (get factor for interest from factor table above Loan length 20 years Repayment = loan amount÷1000 x factor Real cost = Monthly repayment amount x number of repayments made. ( If the buyer had to pay a 15% deposit instead of 8% what effect would this have on the real cost of the loan? (Show C all calculations and remember to state the effect on real cost of loan.) ESTION 3 (PERSONAL INCOME TAX) James works in a clothing factory where he earns a gross salary of R12 500 a month. The monthly deductions from his salary are as follows: Pension: 12,5% of his salary Medical Aid: James, his wife and two children are covered by his medical aid % of his salary

Question

13-02-2024
Mathematics

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Loan information Deposit: 8% Interest rate: Prime + 2% Loan period 20 years Assume the prime rate is 9%) 2.2.1 2.2 Calculate the real cost of the house with the given information above. Make use of the factor table in question 2.1 where factor values are needed. You may use the following formula to guide you in your calculations. Deposit Loan amount= house price - deposit Monthly repayments = interest rate = prime + 2% (get factor for interest from factor table above Loan length 20 years Repayment = loan amount÷1000 x factor Real cost = Monthly repayment amount x number of repayments made. ( If the buyer had to pay a 15% deposit instead of 8% what effect would this have on the real cost of the loan? (Show C all calculations and remember to state the effect on real cost of loan.) ESTION 3 (PERSONAL INCOME TAX) James works in a clothing factory where he earns a gross salary of R12 500 a month. The monthly deductions from his salary are as follows: Pension: 12,5% of his salary Medical Aid: James, his wife and two children are covered by his medical aid % of his salary

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denisboev222 denisboev222 · Answer 1 · 2024-02-13T09:01:06+01:00

To calculate the real cost of the house, we need the house price and the deposit percentage. Since the deposit is given as 8%, we can calculate the loan amount as follows:

Loan amount = House price - Deposit

Next, we need to calculate the monthly repayment amount. The interest rate is given as "Prime + 2%," where the prime rate is 9%. So the interest rate for the loan is 9% + 2% = 11%.

We can use the factor table provided in question 2.1 to find the factor for the interest rate. Let's assume the factor for 11% and a loan period of 20 years is 0.0115.

Monthly repayment amount = Loan amount / 1000 x Factor

Now we can calculate the real cost of the house:

Real cost = Monthly repayment amount x Number of repayments made

To calculate the effect of a 15% deposit instead of 8% on the real cost of the loan, we need to adjust the deposit percentage and recalculate the loan amount, monthly repayment amount, and real cost using the updated deposit percentage.

Please provide the house price and the actual factor values from the factor table so that I can perform the calculations for you.