Imani wants to buy a two bedroom apartment in Rocky Crest for N$533000. He is expected...

Transcribed Image Text:

Imani wants to buy a two bedroom apartment in Rocky Crest for N$533000. He is expected to pay a 10% deposit and can secure a bond from his bank repayable over 24 years at 10 % p.a. interest. Time left 637:11:56 (a) Total amount of money expected to be paid to the Bank over the years. NS (b) Monthly installment to be paid by Imani. N$ Another bank is now giving him two other options i.e. to increase the payback period to 29 years or to reduce the rate by 1.5% p.a. (c) Total amount of money expected to be received by the Bank after increasing the number of years. NS (d) Monthly installment to be paid by Imani in this case. N$ (e) Total amount of money expected to be received by the Bank after reducing the interest rate. NS (f) Monthly installment to be paid by Imani in this case. NS (g) How much money will Imani save per month using the cheapest option? Imani wants to buy a two bedroom apartment in Rocky Crest for N$533000. He is expected to pay a 10% deposit and can secure a bond from his bank repayable over 24 years at 10 % p.a. interest. Time left 637:11:56 (a) Total amount of money expected to be paid to the Bank over the years. NS (b) Monthly installment to be paid by Imani. N$ Another bank is now giving him two other options i.e. to increase the payback period to 29 years or to reduce the rate by 1.5% p.a. (c) Total amount of money expected to be received by the Bank after increasing the number of years. NS (d) Monthly installment to be paid by Imani in this case. N$ (e) Total amount of money expected to be received by the Bank after reducing the interest rate. NS (f) Monthly installment to be paid by Imani in this case. NS (g) How much money will Imani save per month using the cheapest option?

Answer rating: 100% (QA)

ANSWER a Total amount expected to be paid to the bank over 24 years The amount of the bond will be t... View the full answer