Question: Cecilia decided to extend her house by adding an extra bedroom. The extension will cost her R80 000. First National Bank has agreed to give

Cecilia decided to extend her house by adding an extra bedroom.

Cecilia decided to extend her house by adding an extra bedroom. The extension will cost her R80 000. First National Bank has agreed to give her a loan at a nominal rate of 13,5% per annum compounded monthly in arrears, provided that she is able to put down a deposit of 10% on the cost price of R80 000. Calculate her monthly payments if the loan is to be paid over a period of 36 months

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