A house priced at R850 000 is paid for in monthly instalments of R1 500 . How many monthly payments are needed to settle the house?

To find out how many monthly payments are needed to settle a house priced at R850 000 with monthly instalments of R1 500, you would simply divide the total price by the monthly payment amount. So, R850 000 divided by R1 500 gives you approximately 566.67. Since you can’t make a fraction of a payment, you would round up to 567 monthly payments. In the real world, mortgage terms might include interest rates that can affect the total amount you pay over time. For fixed-rate mortgages, the principal and interest payments can change the length of time it takes to pay off a house, so it’s essential to consider these factors when budgeting for your payments!