Thembi takes out a home loan of R500 000. the interest rate is 9,38% p.a compounded annually. She has two options to repay the loan. In both cases, the loan is repaid 25 years after the loan was drawn by equal monthly instalments. In the first option, she starts the repayments one month after receiving the loan and in the second option, she starts repayments six months after receiving the loan.
Calculate the monthly repayments in each case.
