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James borrows $ 2 8 0 0 0 0 and repays the loan in equal fortnightly repayments of $ 1 2 5 0 over 2

James borrows $

280 000

and repays the loan in equal fortnightly repayments of $

1250

over

20

years. What is the flat rate of interest per annum on James

s loan, correct to two decimal places?

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