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please help me calculate the capital balance, and please confirm that the monthly payment is R2528.05. thank you. 1. You buy a new car today
please help me calculate the capital balance, and please confirm that the monthly payment is R2528.05. thank you.
1. You buy a new car today for R120 000 and obtain finance for 80% of the purchase price over four years. The bank quotes you a finance rate 12% per annum (nominal rate), compounded monthly. Instalments are payable monthly in advance. Interest is compounded monthly. Calculate the monthly instalment and the capital balance immediately after making the twenty-fourth payment Step by Step Solution
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