Question

You purchased an apartment in Pretoria East by paying a deposit of R 300 000 and...

You purchased an apartment in Pretoria East by paying a deposit of R 300 000
and borrowing the remainder of the purchase price from a financial institution.
The monthly payments to repay the mortgage loan at 12% per annum
compounded monthly are R 30 000 for a period of 20 years. What is the purchase
price of the apartment?

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Answer #1
Monthy Installments                    30,000
PVIFA @ 12% for 20 Years                 90.8194
Present Value of Monthy Installments (A)              27,24,582
Initial Downpayment (B)                3,00,000
Purchase Price of Apartment (A)+(B)              30,24,582
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