Mr. Seekat, the wealthy business owner of Oseaan Vetkoek Palets (OVP), a fast-food takeaway restaurant, is a dear friend of yours Mr Seekat is interested in buying himself a new sports car but is unsure what the monthly instalments will be
Mr Seekat received quotes for four (4) sports cars from Lambogemus, a sports car dealer. Lambogemus also provides financing options if a motor vehicle is purchased from them Lambogemus will finance a motor vehicle for a term of 5 years at a monthly interest rate of 1%, with instalments being payable at the end of the month
Mr. Seekat asked you to help him with calculating the monthly instalments for each of the motor vehicles and provide you with the relevant information as received from Lambogenius. Mr. Seekat has indicated that he cannot afford to pay more than R55,000 per month on an instalment for the selected sports car.
Mr Seekat provided you with the following information
The car reference is a combination of the make and model of the motor vehicle and is separated by a dash.
You have created the following spreadsheet using his provided information:
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