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Mbali receives R1250 credit for his old car when buying a new model costing R3750. What cash payment will be necessary so that the balance

Mbali receives R1250 credit for his old car when buying a new model costing R3750. What cash payment will be necessary so that the balance can be settled by payments of R125 at the end of each month for 18 months when interest is charged at the rate of 6% p.a. compounded monthly?

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