1.1 Determine the time taken, in years, for a sum of money to double if the interest rate is 12, 64% p.a. compounded half-yearly. (4)
1.2 Angela wants to buy a house for R700 000. She has a deposit of R50 000 and takes out a loan for the balance at a rate of 18% p.a. compounded monthly.
1.2.1 How much money must Angela borrow from the bank? (1)
1.2.2 Calculate the monthly payment if she wishes to settle the loan in 15 years. (4)
1.2.3 Angela later won the lottery and wished to settle the loan after the 50th payment. What is the outstanding balance? (4)