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[10] A loan is to be repaid by monthly instalments of $800 for thirty-six months, each paid at the end of the month. The interest

[10] A loan is to be repaid by monthly instalments of $800 for thirty-six months, each paid at the end of the month. The interest contained in the twelfth payment is $2.81 less than the interest contained in the eleventh payment. Find the effective monthly rate of interest

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