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Boitumelo Pello wishes to purchase a motor vehicle from a dealer in Johannesburg for R $240000.$

Her bank, ABSA, is prepared to lend her the money on condition that she undertakes to repay the loan monthly over a period of $36$ months.

If interest is to be charged at $14\%$ per annum compounded monthly, what will her monthly instalment be$?$

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If applicable round to two decimal places for example R$3245\mathrm{.}567$ is written as $3245\mathrm{.}57.$ Do not use the rand symbol in your answer and do not enter a minus $(-).$