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QUESTION
Abey is considering buying a car for R400 000. The bank has quoted him an interest rate of 11%per annum compounded monthly. If he wishes to repay the...
Abey is considering buying a car for R400 000. The bank has quoted him an interest rate of 11%per annum compounded monthly. If he wishes to repay the principal amount over 69 months. How much will the monthly installment be?
