Nomkhosi is considering three loan options. Calculate the total repayment amount for each option. Loan amount is R20,000 for 2 years.

$$A = \text{R}20000(1.088)^2$$ $$A = \text{R}20000 \times 1.183744$$ $$A = \text{R}23674.88$$

The total amount to be repaid for Option 1 is $\boxed{\text{R}23674.88}$.

Option 2: ABCBank

• Interest rate ($i$): 8.3% per annum, compounded biannually.
• Number of compounding periods per year ($m$): 2
• Formula for compound interest with multiple compounding periods: $A = P\left(1 + \frac{i}{m}\right)^{n \times m}$

$$A = \text{R}20000\left(1 + \frac{0.083}{2}\right)^{2 \times 2}$$ $$A = \text{R}20000(1 + 0.0415)^4$$

$$A = \text{R}20000(1.0415)^4$$ $$A = \text{R}20000 \times 1.175069...$$ $$A = \text{R}23501.38$$

The total amount to be repaid for Option 2 is $\boxed{\text{R}23501.38}$.

Option 3: Parents

• Interest rate ($i$): 9.2% per annum simple interest.
• Formula for simple interest: $A = P(1 + i \times n)$

$$A = \text{R}20000(1 + 0.092 \times 2)$$ $$A = \text{R}20000(1 + 0.184)$$

$$A = \text{R}20000(1.184)$$ $$A = \text{R}23680.00$$

The total amount to be repaid for Option 3 is $\boxed{\text{R}23680.00}$.