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Stellenbosch Plastics Ltd (SP) intends to purchase 20 new mini-buses to transport its employees to and from work. Each bus would cost R550,000. ABSA, SP's
Stellenbosch Plastics Ltd (SP) intends to purchase 20 new mini-buses to transport its employees to and from work. Each bus would cost R550,000. ABSA, SP's banker, has agreed to finance the purchase of the buses at an interest rate of 16% compounded monthly. How long would it take SP to pay off the loan if the company plans on a R160,000 monthly installment schedule? Answer in excel
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