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Wooden Homes (Pty) Ltd obtained a loan of R100 000 to finance future expansion ...
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Wooden Homes (Pty) Ltd obtained a loan of R100 000 to finance future expansion of their business. The loan needs to be repaid in equal instalments over 15 years, including capital and interest. The finance company from which the loan was obtained, wants to earn interest at 18% per annum on this finance agreement. Calculate the annual instalment requirement? Set your calculator to four decimal places and round your final answer to the nearest rand. If s light rounding differences occur - choose the alternative that is closest to your answer.
(a) R 1 640
(b) R19 640
(c) R16 319
(d) R19 460
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100%
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