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  • Zandile is about to purchase a car for R191 810,00 on terms from a car dealer. The terms are R23 235 deposit and the rest paid in equal quarterly payments of R13 292,48 at the end of each quarter for four years. The interest rate is 11,5% per year, compou

Zandile is about to purchase a car for R191 810,00 on terms from a car dealer. The terms are R23 235 deposit and the rest paid in equal quarterly payments of R13 292,48 at the end of each quarter for four years. The interest rate is 11,5% per year, compounded quarterly. Considering the amortisation schedule, the principal repaid during the third quarter of the first year,

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 Given ,

                  Price of the car =19181000 Rs.

                 Deposite Amount =23235 Rs.

                 Quarterly payments =1329248 Rs.

                 Rate of interest        =11.5%

               To Find :

            Principal repaid during the third quarter of the first year

            FV=pv(1+fracim)^mn=23235 imes (1+frac11.54)^16=2285.49

         The principal repaid will be  2285.4   Rs.

Posted by

Deependra Verma

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