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A merchant owes a bank R19765 on which he pays 4.7% interest p.a., compounded monthly. He will repay the debt by making a payment at

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A merchant owes a bank R19765 on which he pays 4.7% interest p.a., compounded monthly. He will repay the debt by making a payment at the end of every month over 7 years. The first payment is RP and every subsequent payment decreases by 1.6%. What is the value of his first payment, P? (Give your answer rounded to 2 decimal places. If you think the answer is R1012.3456, type in 1012.35)

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