A student loan of R6978 is to be repaid by 18 equal monthly instalments. Assuming that instalments are due at the beginning of each month and that the first instalment is payable immediately, what is the amount of each instalment? Interest is 18% pa compounded monthly.

Answer rating: 100% (QA)

To calculate the amount of each monthly installment we need to consider the interest rate the loan a... View the full answer