Question
You take a R3.5 million loan from a bank to purchase a new house. The stated rate quoted by your bank is 3.5% compounded monthly.
You take a R3.5 million loan from a bank to purchase a new house. The stated rate quoted by your bank is 3.5% compounded monthly. How long would it take you to pay off the loan if the company plans on a R16,000 monthly installment schedule?
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Financial Economics
Authors: Frank J. Fabozzi, Edwin H. Neave, Guofu Zhou
1st Edition
0470596201, 9780470596203
