Answer to Question #328531 in Financial Math for Busi

Question

Bongeka purchased a new refrigerator and were expected to pay R1 684,00 five months ago and another

R1 323,00 in eight months’ time. She could not make the payment five months ago, but after receiving a

bonus at work, she rescheduled to repay the loan in two equal payments, the first due in two months and the

second due in five months’ time. The payment at month five will settle the debt, therefore, the settlement

date is month five. The debts and payments are subject to the same interest rate of 11,4% per annum,

compounded monthly.

@ 11,4% per year, compounded monthly

The value of each of the payments, rounded to the nearest rand, is equal to

Answer 1

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