Question 2 2.1 Exactly five years ago Iminathi bought a new car for R145 000. The current book value of this car is R72 500. If the car depreciates by a fixed annual rate according to the reducing-balance method, Calculate the rate of depreciation. 2.2 Simingenkosi takes out a loan of R1 300 000 to buy a house. The loan is repaid over 20 years and interest charged on the loan at 10,5% p.a. compounded monthly. 2.2.1 Calculate his monthly repayments. (3) (3) 2.2.2 How much money has Simingenkosi paid on the loan at the end of eight years? 2.2.3 Calculate the balance outstanding on the loan after eight years, immediately after Simingenkosi's 96th payment. (2) (3) 2.2.4 How much of the capital has he repaid at the end of eight years? 2.2.5 How much of the money he has paid after eight years was interest? (2) (2) [15]
