12 Isabel Louw is planning to take a personal loan to buy two motor-bikes which can be used to deliver the plants that she is selling Each motor-bike costs R45 000. She saw the advertisement about the loans on a local newspaper. There are two options offered and she needs to decide on the cheaper option. EARTHNICAL PERS ONAL LOANS LOAN TERMS AND CONDITIONS PERIOD PERIOD FACTOR 21 5 years 10.44 15 years NB: Factor includes interest, insurance fees, initiation fees and monthly service fees NSC 121 122 The following formula may be used Monthly repayment = Loan amount = 1 000 x factor Use the information above to answer questions that follow. Calculate the total cost of the two motor-bikes. 1.2.3 1.2.4 INTEREST RATE 10,2% 10,2% Calculate Isabel Louw's monthly repayment if she decides to take the loan over a 5-year period. Isabel Louw claims that she will pay R80 000 more over the period of 15 years. Verify whether the statement is valid or not. The advertisement claims that the longer the term (loan period), the more money you save. Do you agree with this claim? Justify the answer by means of calculations. (2) (3) (6) (5) [30]​