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Hilma plans to buy a car worth N$42,000 today. He is required to pay 15 percent as a down payment and the remainder is to

  1. Hilma plans to buy a car worth N$42,000 today. He is required to pay 15 percent as a down payment and the remainder is to be paid as a monthly payment over the next 12 months with the first payment due at t = 1. Given that the interest rate is 8% per annum compounded monthly, What is the monthly payment? (5)

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