Question

Brenda takes out a twenty year loan of R400,000..she repays the loan by means of equal montly payments starting one month after the granting of the loan.the interest rate is 16% per annum compounded montly. calculate the montly instalments.

Mar 19, 2015

R4976 per month.

Mar 19, 2015

Related Questions

gail borrowed $3600 from a bank to buy a washing machine she pays back the loan in 24 monthly instal... You need to borrow $20,000 to buy a car. You can only afford to make monthly payments of $200. The b... Nick would like to purchase a vacation timeshare, but he can only afford a $350 monthly loan payment... Julia takes out a loan for $1,200 from a bank that charges 5.4% simple interest per year. If the tot...