=+loan with a fixed interest rate of 10% p.a. (APR) and no arrangement fee. Any sur- plus

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=+loan with a fixed interest rate of 10% p.a. (APR) and no arrangement fee. Any sur-

plus cash can be deposited to earn 4% APR. The borrowing requirement for the forthcoming year is as follows:

Month J F M A M J ASOND

£000s 0 180 150 180 200 0 150 150 180 200 200 0

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