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Peter Pan has borrowed $37,250 from its bank at an annual rate of 6.5 per cent. He plans to repay the loan in six equal

Peter Pan has borrowed $37,250 from its bank at an annual rate of 6.5 per cent. He plans to repay the loan in six equal instalments, beginning at the end of next year. What is its annual loan payment? (Round to 2 d.p.)

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