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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Masego buys a house and makes a down
payment of 35% of the price of the house.
He manages to secure a loan at an interest
rate of 13,25% per year, compounded
monthly, for a period of 20 years. His
monthly payment is R10 437,26.
The size of the down payment (to the
nearest rand) is ...
A. R570 375.
B. R472 500.
C. R527 959.
D. R307 125.
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