Hobbs Cole
03/12/2023 · High School
(a) Bayazi purchases an apartment by making a down payment of R 160000 and obtains a 20 year loan for the balance of R 480000 at \( 13,5 \% \) per annum compounded monthly. What is the new monthly amount that he must pay if the term of the loan remains the same?
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The new monthly payment Bayazi must pay is approximately R 6013.44.
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