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Bridge Bar & Grill has a 7-year loan of $23 500 with Bankwest. It plans to repay the loan in 7 equal instalments starting today.

Bridge Bar & Grill has a 7-year loan of $23 500 with Bankwest. It plans to repay the loan in 7 equal instalments starting today. If the rate of interest is 8.4 per cent per annum, how much will each payment be worth?

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