A machine is bought with a loan which must be paid in 20 equal half yearly installment of R6 500. The first instalment is payable in 4 years after loan has been negotiated.What is the price of the machine if compound interest is added at every year at 14 % p.a. on the outstanding amount?

Question

05-03-2022
Business

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A machine is bought with a loan which must be paid in 20 equal half yearly installment of R6 500. The first instalment is payable in 4 years after loan has been negotiated.What is the price of the machine if compound interest is added at every year at 14 % p.a. on the outstanding amount?

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