Mrs. Vilakazi is a farmer in Limpopo and a great businesswoman who is paying R1,000.00 per...

Transcribed Image Text:

Mrs. Vilakazi is a farmer in Limpopo and a great businesswoman who is paying R1,000.00 per month on her savings annuity for 3 years, at an interest rate of 6% compounded semi-annually. Before the COVID-19 lock down, she amortized a loan for a new business premises, by obtaining a 15-year mortgage at a rate of 7.5% compounded monthly. The value of the premises is R840,000.00. She decided to use her savings as a deposit to purchase the premises. You may assume that the savings annuity had reached maturity when the deposit was paid. 3.1 Determine Mrs. Vilakazi's total savings. [3] 3.2 Determine the monthly repayment on the loan. [3] 3.3 Draw up an amortization schedule for the given intervals using the given headings. [4] Periods Principal Outstanding. Interest for the Period. Payment made each Period. Principal Repaid. 120 121 122 123 Total XXX Mrs. Vilakazi is a farmer in Limpopo and a great businesswoman who is paying R1,000.00 per month on her savings annuity for 3 years, at an interest rate of 6% compounded semi-annually. Before the COVID-19 lock down, she amortized a loan for a new business premises, by obtaining a 15-year mortgage at a rate of 7.5% compounded monthly. The value of the premises is R840,000.00. She decided to use her savings as a deposit to purchase the premises. You may assume that the savings annuity had reached maturity when the deposit was paid. 3.1 Determine Mrs. Vilakazi's total savings. [3] 3.2 Determine the monthly repayment on the loan. [3] 3.3 Draw up an amortization schedule for the given intervals using the given headings. [4] Periods Principal Outstanding. Interest for the Period. Payment made each Period. Principal Repaid. 120 121 122 123 Total XXX