Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. can you please do 2.1 and 2.2 thanks so much! 2.1

can you please do 2.1 and 2.2 thanks so much! 2.1 Rocco and Rachel...

50.1K

Verified Solution

Question

Accounting

image

can you please do 2.1 and 2.2

thanks so much!

2.1 Rocco and Rachel want to ensure that they are able to fund their two children's tertiary studies and have asked you to assist them in determining how much they need to save monthly to have R3 million in 15 years from now. They believe they can get an annual interest rate of 4,5%, compounded monthly. How much should they contribute to the fund monthly? (4) 2.2 Your friend Sizo is looking to buy a car and has a deposit of R40 000. The interest rate on offer is a fixed interest rate of 7,0% per annum, compounded monthly, for 72 months. The car costs R299 950. What will the monthly repayment be? (4)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students