Mr. Plant is considering buying a new bakkie for the nursery to use for making deliveries to clients Mr. Plant has identified four bakkies that will be perfect for use by the nursery Mr. Plant wants to buy only one bakkie and wants to know what the monthly installments will be for each of the four bakkies The finance term is four (4) years Mr. Plant is however only willing to pay installments of a maximum of R7,500 per month on a bakkie as per his budget.
Mr. Plant provided you with the following information
• The interest rates for financing as well as the cost price for all four bakkies.
• The finance term is four (4) years.
• Monthly payments will be made at the end of the month.
• Mr. Plant does not want to spend more than R7,500 per month on the bakkie installment as this falls within budget. In the instance where the installment amount is more than R7,500 he will not buy the bakkie, as this falls out of budget.
The following spreadsheet has been compiled by you:
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