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  3. 1.2. exactly 20 months ago, bank granted mary a lo

1.2. Exactly 20 months ago, bank granted Mary a loan of R900000 at an interest...

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Finance

1.2. Exactly 20 months ago, bank granted Mary a loan of R900000 at an interest rate of 11,35%
p.a compounded monthly.
The bank stipulated that the loan:
> Must be repaid over 20 years
> Must be repaid by means of monthly repayments of R8520, starting one month after the loan was granted.
1.2.1. How much did Mary owe immediately after making her 16th repayment?
(4)
1.2.2. Due to financial difficulties as a result of Covid 19, Marry missed the 17th,18th and 19th payments. She was able to make payments from the end of the 20th month onwards. Calculate Mary's increased monthly repayment to settle the loan in the original 20 years as stipulated by the bank.
(5)
[15]
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