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Peter wishes to purchase a motor vehicle from a dealer in Johannesburg for R150000. His...

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Finance

Peter wishes to purchase a motor vehicle from a dealer in Johannesburg for R150000. His bank, ABSA, is prepared to lend him the money on condition that he undertakes to repay the loan monthly in advance over a period of 36 months. If interest is to be charged at 16,5% per annum compounded monthly in advance, what will his monthly instalment be?

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