Question

QUESTION 1

Mr Hamilton would like to purchase a vehicle for his son’s 21st birthday. If the vehicle costs R225 000 and the dealership requires a twenty percent (20%) deposit with monthly repayments at an interest rate of 15% compounded monthly over five years, how much sooner would Mr Hamilton be able to repay the loan agreement if he decided to offer a twenty five percent (25%) deposit and kept the monthly instalments the same as originally calculated with the deposit requested by the dealership.

Answer 1

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

SOLVED WITH BA II PLUS CALCULATOR