MJ is in the process of buying a new vehicle. The car's purchase price is R400 000 and he has been granted a loan for the full amount. The loan is for a term of 5 years at a rate of 11.5% p.a. and the instalments must be paid monthly in arrears. He has taken the loan with a 25% residual after the 5-year term to make the monthly instalment more affordable.  calculate His monthly instalment.

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Loan amount R400000 Interest rate115 per annum Loan term5 years Residu... View the full answer