Question $3$

$[6$ marks$]$

You have decided to purchase a house and start a rental business. You qualify for a loan of R$300000$ and during your search, you found a house selling for the same value. Upon application for a loan, Citi Bank offers you the loan at $15\%$ per annum, paid over ten $(10)$ years. Calculate the repayment amount for a $15-$year loan. $($Use the PMT function and a table to capture the values$).$

$3\mathrm{.}115$ years

$(3$ marks$)$