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Fred Smith has just purchased a new car valued at $56,500. He paid a 15% deposit and borrowed the remainder from his bank. The terms

Fred Smith has just purchased a new car valued at $56,500. He paid a 15% deposit and borrowed the remainder from his bank. The terms of his personal loan are a maturity of 5 years, monthly repayments (made at the end of each month) and an interest rate of 10% compounded monthly. How much are Fred's monthly repayments?

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