7.1.2 If the house cost R949 799,33, how much interest would Domila pay for

In South Africa, home loans generally operate on a fixed or variable interest rate for a set term, usually around 20 to 30 years. If Domila opts for a typical home loan interest rate of about 10% per annum, the total interest paid can be quite substantial over the life of the loan. Over 20 years, she could end up paying over R1.5 million in interest alone, depending on the loan terms and any additional fees! To get a clearer picture of what Domila could expect, using a mortgage calculator can be super helpful! These tools allow you to input loan amounts, interest rates, and loan terms to see monthly payments and total interest paid over the loan's lifetime. Don't forget to factor in PMI (Private Mortgage Insurance) if her down payment is less than 20%!