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The car finance grants you a loan of R400 000 to purchase a car. An instalment must be repaid at the end of each month

The car finance grants you a loan of R400 000 to purchase a car. An instalment must be repaid at the end of each month over a period of 4 years. An interest of 18% per annum is charged on your loan. Calculate the amount payable at the end of each month in order to pay back the loan.

1. R11 750.00

2. R68 115.94

3. R775 511.10

4. R817 391.32

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