nomthandazonhlapo361 nomthandazonhlapo361
  • 14-07-2024
  • Mathematics
Answered

1.
David takes out a bank loan in order to pay for his new car. He repays the
loan by means of monthly payments of R5 500 for a period of five years
starting one month after the granting of the loan. The interest rate is 21%
per annum compounded monthly. Calculate the purchase price of his new
car.
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Answer :

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