elementary quantitative methos

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andrew bought a flat of R240000,he made a down payment of R100000 and obtained a 20 year mortgage bond for the balance at an interest rate of 19,5 percent per annum,compounded monthly,what is his montly payment?

  • elementary quantitative methos -

    subtract 100,000 from 240,000, that is your PV
    i = .195/12 =
    n = 240
    P = ?

    straight formula application
    ( I got 3817.23 )

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