Susan buys a car for R350 000. She secures a loan at an interest rate of 7% p.a., compounded monthly. The monthly instalment is R6 300. She pays the first instalment one month after the loan was secured.
Calculate the effective annual interest rate on the loan. Leave your answer correct to
TWO decimal places.
How many months will it take to repay the loan?
Calculate the value of the final instalment.
The value of the car depreciates at i % p.a. After 3 years its value is R252 000. Calculate i.
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