Mandla Maseko wishes to purchase a motor vehicle from a dealer in Johannesburg for R 165000. His bank, ABSA, is prepared to lend him the money on condition that he undertakes to repay the loan monthly over a period of 72 months. If interest is to be charged at 13% per annum compounded monthly, what will his monthly instalment be?

Completion instructions.

If applicable round to two decimal places for example R 245.567 is written as 245.57. Do not use the rand symbol in your answer and do not enter a minus (-).