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Example 2: A company is purchasing a computer system for the business at a cost of $21500. A finance company has offered a term loan

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Example 2: A company is purchasing a computer system for the business at a cost of $21500. A finance company has offered a term loan over seven years at a rate of 12% per annum. The loan will be repaid by equal monthly instalments at the beginning of each month. Calculate the amount of each loan instalments

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