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A loan of $18 000 at 12.9% interest per annum compounding monthly on the reducing balance is repaid over five years with equal monthly payments.

A loan of $18 000 at 12.9% interest per annum compounding monthly on the reducing balance is repaid over five years with equal monthly payments. The amount of the repayment is equal to:

Select one:

a. $300

b. $338.70

c. $493.50

d. $550.29

e. $408.63

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