2016 S01 P03 EXCEL

This question is based on the Excel spreadsheet below.
Read-A-Lot Bookshop (RaL) is interested in purchasing a medium-sized delivery vehicle through a finance lease. The vehicle purchase price is R140 000 (refer cell B4). RaL requested DNB Bank to provide a monthly repayment quote for the finance lease to be fully settled at the end of the finance
term. After a risk assessment process, DNB Bank quoted RaL an interest rate of 9.5% per annum on the finance lease.
The terms of the lease are as follows:
 Finance period/term of the lease is 5 years (refer cell B5)
 Equal monthly payments are to be made at the beginning of each month.
 The interest rate per annum is 9.5% (refer cell B6)
The monthly repayment quote was as follows:


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REQUIRED:
Use the case study information and the spreadsheet to answer the following question.

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