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Mr Hassan buys a house for R 500000.00. He has to pay a 20% deposit and takes out a loan from the bank for the
Mr Hassan buys a house for R 500000.00. He has to pay a 20% deposit and takes out a loan from the bank for the balance. The loan is amortised over a period of 20 years by means of equal monthly payments of R4404.35. The loan interest rate is 12% per year, compounded monthly. The outstanding principal after 12 years is Select one: a. R 335334.69 b. R 270989.54 c. R 400000.00 d. R309615.00
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Intermediate Financial Management
Authors: Eugene F. Brigham, Louis C. Gapenski
4th Edition
0030754828, 978-0030754821
