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My chair set was available at R11000 I can pay an 8% deposit and pay the remainder over a 4-year period charged at 6% interest p.a what would my monthly installments come to

Sagot :

Answer:

R 237.67  monthly

Step-by-step explanation:

Ordinary annuity  

PV = C [  1 - (1+i)^-n] / i

PV = 11000 - .08 (11000) = 10120

i= .06/12=.005       n = 4 yrs x 12months =48

Plug in the numbers and calculate 'C'  = 237.67

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