Question 8
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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?
(2)
Completion instructions.
If applicable round to two decimal places for example R3 245.567 is written as 3245.57. Do not use the
rand symbol in your answer and do not enter a minus (-).