3.1 Table 1 below is a loan factor table that shows the monthly repayments per RI 000 on a home loan with interest rates ranging from 9,75% to 11,25% per annum, over 15, 20, 25 or 30 years. Magda is...

Extracted text: 3.1 Table 1 below is a loan factor table that shows the monthly repayments per RI 000 on a home loan with interest rates ranging from 9,75% to 11,25% per annum, over 15, 20, 25 or 30 years. Magda is planning on buying a house and she has a disposable income of R18 570 per month. The National Credit Act (NCA)stipulates that the home loan amount that a person qualifies for should be calculated based on the disposable income. Table 1: Loan factor table for calculating monthly repayments on a home loan per R1 000 Interest % Years 15 20 30 8.59 8.78 8.96 25 9.75% 10.00% 10.59 9.49 8.91 9.09 9.26 9.44 10.75 9.65 10.25% 10.50% 10.90 9.82 9.98 11.05 9.15 9.33 10.75% 11.00% 11.25% 11.21 10.15 9.62 9.80 11.37 10.32 10.49 9.52 9.71 11.52 9.98 3.1.1 Define the term monthly repayments. Write down the loan factor if Magda decides to pay her monihiy repayments over a 25-year period at an interest rate of 10.75%. 3.1.2