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Question

Peter wishes to purchase a car to the value of R150 000. He applied

for finance for the full amount. The finance company advised that a deposit of 10% will be required and the remaining 90% will be financed over 5 years with monthly payments. The annual interest rate is 18% compounded monthly.
What will the outstanding amount on the loan be at the end of year 1?

-A. R115,602
-B. R117,602
-C. R115,702
-D. R116,702

Step-by-step answer

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Subject: Business, Finance

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