$\backslash$table$[[$Purchase price,R$1000000],[$Date of purchase,$1$ December $2023],[$Depreciation method,Diminishing balance method$],[$Depreciation rate,$20\%$ per annum$],[$Vehicle finance term,$6$ years$],[$Interest rate,$\backslash$table$[[50$ basis points above the prime lending rate$],[$currently at $11\mathrm{.}75\%$ per annum.$]]],[$Interest payment,Interest is paid on a monthly basis$]]$

Calculate the depreciation expense ;of the new vehicle for the year ended $29$ February $2024.$