Math Problem Statement
Jonathan is buying a car today. The car costs R445222 and he can afford to make monthly payments of R12117 at the end of every month. He must pay interest at a rate of 7.947% per year compounded monthly. If the last payment Jonathan makes can be larger than R12117, how many payments must Jonathan make to repay the car loan?
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Loan Amortization
Formulas
Loan Amortization Formula
Theorems

Suitable Grade Level
Grades 1112
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