A customer buys furniture to the value of R4 800 on hire purchase. An initial deposit of 8% of the purchase price is required and the balance is
paid off by means of nine equal monthly instalments starting one month after the purchase is made. If interest is charged at 8% p.a. simple
interest, then the value of the equal monthly payments (to the nearest cent) is R
(type your answer..)
and the equivalent annual effective rate of compound interest, expressed as a decimal to two decimal places, is
(type your answer.)
% p.a.