Question
Dumisani Ngeni applied for a mortgage bond of R800 000 to finance the purchase of a new home. The bank will require him to make
Dumisani Ngeni applied for a mortgage bond of R800 000 to finance the purchase of a new home. The bank will require him to make monthly payments of R7197.81 per month for the next 20 years. Calculate the effective interest rate per annum on this mortgage bond.
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Accounting
Authors: Carl warren, James Reeve, Jonathen Duchac, Sheila Elworthy,
Volume 1, 2nd canadian Edition
176509739, 978-0176509736, 978-0176509743
