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Josh Frytenberg desperately requires some funds. He can get a loan from Gimble for $2,500 today but he will be charged an establishment fee of

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Josh Frytenberg desperately requires some funds. He can get a loan from Gimble for $2,500 today but he will be charged an establishment fee of $400 and an interest rate of 47.6158% p.a. compounding monthly. If he agrees to fully repay the loan with monthly repayments for a year, what is the total amount of fees and interest he will pay on this loan? [2 marks]

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