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4. Mr & Mrs Kelso are seeking a loan to buy a van to use to travel around Suva. The on- road cost of the
4. Mr & Mrs Kelso are seeking a loan to buy a van to use to travel around Suva. The on- road cost of the van is $35.000. The loan details they have been provided from Ezy Credit are that the interest rate charged will be 9% p.a. and require end-of-month repayments over a 4-year term. The initial fees that form part of the loan arrangement are an establishment fee of $750 and a brokerage fee to Ezy Credit calculated as 2% of the loan value. Given that they wish to borrow all the funds required to obtain the van what will be the approximate end-of-month loan repayment
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