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OpenStudy (anonymous):
Kevin borrows $7500 to be paid back at 12.5% p.a. monthly reducible over a period of 7 years. What is the amount of each monthly instalment and what is the total interest charged on the loan. Find the equivalent flat rate of interest.
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OpenStudy (anonymous):
the answer sheet says it's $134.41 for the monthly payment...but I don't know how to get there...
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