Question
Ella is considering buying a car for R600 000. The bank has quoted her an interest rate of 11 percent per annum, compounded monthly. If
Ella is considering buying a car for R600 000. The bank has quoted her an interest rate of 11 percent per annum, compounded monthly. If she wishes to repay the principle amount over 60 months, calculate her monthly instalment
(Round off to the nearest R1).
(a) R5 500
(b) R13 046
(c) R11 100
(d) R15 500
(e) None of the above
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Introduction To Finance Markets, Investments, And Financial Management
Authors: Ronald W Melicher, Edgar Norton
13th Edition
0470128925, 9780470128923
