Question: Please help with following MCQ question one JZ has been contributing R6 500 per month to a retirement fund that pays interest at 12% per

Please help with following MCQ

question one

JZ has been contributing R6 500 per month to a retirement fund that pays interest at 12% per year, compounded monthly. The monthly contributions (or deposits) to the retirement fund are p_ayable at the beginnin if each month. As of today (31 December 2020), JZ has been contributing to the retirement fund for 20 years and hope to contribute to the fund for another 15 years before he retires. Calculate the balance on JZ's retirement fund as at today's date (31 December 2020). O A. R6 494 461.47 0 B. R6 430159.88 O c. R3 279 744.00 0 0. R3 247 271.28 On 1 November 2020, Ms Mkonyane purchased a motor vehicle for R640 000 and obtained a bank loan for the full purchase price. The interest rate on the bank loan is 12% per year, compounded monthly. The bank loan is to be settled by: (a) equal monthly instalments over five years, payable at the end of each month (starting from the end of November 2020); and (b) a balloon (lump-sum) payment of R100 000 payable at the end of five years. Calculate the equal monthly instalments that Ms. Mkonyane is required to make. 0 A. R13 012.00 0 B. R12 012.00 0 C. R15 460.89 O D. R14 236.45 m

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