1.2.3 Calculate the interest Mandla paid at the end of the term. 1.2.4 Determine the period (in months) for his contract with the bank, if no defaults are made in his account. 1.2.5 Explain the meaning of 'Expiry date' in this context.

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To solve the problem, we need to extract the known conditions and then address each part step by step. However, the specific details regarding the interest rate, principal amount, and the terms of the contract are not provided in your question. I will outline the general approach to solve each part based on typical scenarios involving bank contracts.

### 1.2.3 Calculate the interest Mandla paid at the end of the term.

To calculate the interest paid, we typically use the formula for simple interest or compound interest, depending on the terms of the contract. The formulas are as follows:

- **Simple Interest**: 
  $$
  I = P \times r \times t
  $$
  where:
  - $$ I $$ = Interest
  - $$ P $$ = Principal amount (initial investment)
  - $$ r $$ = Annual interest rate (as a decimal)
  - $$ t $$ = Time (in years)

- **Compound Interest**: 
  $$
  A = P \left(1 + \frac{r}{n}\right)^{nt}
  $$
  where:
  - $$ A $$ = Amount of money accumulated after n years, including interest.
  - $$ n $$ = Number of times that interest is compounded per year.

If you provide the values for $$ P $$, $$ r $$, and $$ t $$, I can calculate the interest for you.

### 1.2.4 Determine the period (in months) for his contract with the bank, if no defaults are made in his account.

To determine the period of the contract, we need to know the total amount of time Mandla is expected to keep the money in the bank. This is usually specified in the contract. If the contract states a specific duration (e.g., 1 year, 2 years), we can convert that into months by multiplying the number of years by 12.

For example, if the contract is for 2 years:
$$
\text{Period in months} = 2 \times 12 = 24 \text{ months}
$$

### 1.2.5 Explain the meaning of 'Expiry date' in this context.

The 'Expiry date' in the context of a bank contract refers to the date on which the terms of the contract come to an end. This is the date when the principal amount, along with any accrued interest, is due to be paid back to the account holder. After the expiry date, the account may no longer earn interest, or the terms of the contract may change. It is crucial for the account holder to be aware of this date to manage their finances effectively.

If you can provide specific values for the interest calculation or any other details, I can assist you further with the calculations.
To calculate the interest Mandla paid, determine the contract period in months, and explain the expiry date, please provide the necessary details such as the principal amount, interest rate, and contract duration.

1.2.3 Calculate the interest Mandla paid at the end of the term. 1.2.4 Determine the period (in months) for his contract with the bank, if no defaults are made in his account. 1.2.5 Explain the meaning of 'Expiry date' in this context.

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