Sabir is going to university to study to become a pharmacist.his father decided to buy him a new Toyota Augo as a reward for his wonderful grade 12 results.The Toyota Augo is currently on special for the reasonable price of R174 900 including VAT.They decided to buy the car on hire-purchase and pay of the balance in 60 montly installment.Simple interest is charged at a rate of 14% p.a. A deposit of 10% is required.what is the Loan amount after the deposit has been paid
We will find the amount after the deposit is made:
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Monthly payment:
n=60
S= 157 410
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