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Francis has purchased an apartment tor $388,000. He was able to finance 15% of the purchase from a deposit he had saved. The remaining 85%

Francis has purchased an apartment tor $388,000. He was able to finance 15% of the purchase from a deposit he had saved. The remaining 85% he borrowed from the bank with monthly repayments over a term of 25 years. If the equal monthly instalments are based on a nominal interest rate of 6.4% p.a., what is the monthly payment required

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