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Boitumelo Pello wishes to purchase a motor vehicle from a dealer in Johannesburg for R 2 4 0 0 0 0 . Her bank, ABSA,

Boitumelo Pello wishes to purchase a motor vehicle from a dealer in Johannesburg for R 240000. Her bank, ABSA, is prepared to lend her the money on condition that she undertakes to repay the loan monthly over a period of 48 months. If interest is to be charged at 12% per annum compounded monthly, what will her monthly instalment be?

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