Mr Boer buys a farm with a cash price of R840 000. He pays a deposit of R180 000 and arranges a loan through Land Bank South 18. Africa for the remainder of the cash price. This loan has to be repaid in equal semi-annual installments at the end of each six-month period over 15 years and interest will be compounded semiannually at a rate of 18% p.a. what will the value of the semiannual installments be?

18. Mr Boer buys a farm with a cash price of R840 000. He pays a deposit of R180000 and arranges a loan through Land Bank South Africa for the remainder of the cash price. This loan has to be repaid in equal semi-annual installments at the end of each six-month period over 15 years and interest will be compounded semiannually at a rate of 18% p.a. what will the value of the semiannual installments be