1. **State the problem:** Calculate the monthly payments for an Audi Q3 costing 519550 Rands, with a loan interest rate of 13.5% compounded monthly over 5 years. 2. **Identify known values:** - Principal $P = 519550$ - Annual interest rate $r = 13.5\% = 0.135$ - Monthly interest rate $i = \frac{0.135}{12} = 0.01125$ - Total number of payments $n = 5 \times 12 = 60$ 3. **Formula for monthly payment $M$ with compound interest:** $$M = P \times \frac{i(1+i)^n}{(1+i)^n-1}$$ 4. **Calculate $(1+i)^n$:** $$ (1 + 0.01125)^{60} = (1.01125)^{60} $$ Approximating, $$ (1.01125)^{60} \approx 2.028 $$ 5. **Calculate numerator and denominator:** Numerator: $$ 0.01125 \times 2.028 = 0.022815 $$ Denominator: $$ 2.028 - 1 = 1.028 $$ 6. **Calculate fraction:** $$ \frac{0.022815}{1.028} \approx 0.02219 $$ 7. **Calculate monthly payment $M$:** $$ M = 519550 \times 0.02219 \approx 11532.89 $$ **Final answer:** Your monthly payment is approximately $11533$ Rands.