Edwill just purchased a new home costing R1 107 900,00 by paying R120000,00 cash on the purchase date, and agreeing to make payments at the end of each of the following eight years for the remainder owed, the first payment is due one year after the purchase date. The interest rate is 7,4% per annum, compounded yearly This is illustrated by the following time line. ears 07, per annm, componded anmaly Considering the amortisation schedule, the percentage, rounded to two decimal places, of the total payments made the first two years that will go toward repayment of Interest, is

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