How much would the monthly installment be

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Reference no: EM134025165

Problem

Consider the following loan agreement: The cash price of the item financed is R500,000 which must be paid back within 5 years at an interest rate of 11.5% per annum compounded monthly. The loan must be paid back with monthly instalments payable at the beginning of each month, with the first instalment payable on the first day of the agreement. Get the instant assignment help. How much would the monthly installment be?

Reference no: EM134025165

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How much would the monthly installment be : The cash price of the item financed is R500,000 which must be paid back within 5 years at an interest rate of 11.5%. How much would the monthly installment be?

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