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Tom buys a cabin cruiser which costs $55000. He takes out a loan of $41250.0 to be repaid with 24 equal monthly payments. The first

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Tom buys a cabin cruiser which costs $55000. He takes out a loan of $41250.0 to be repaid with 24 equal monthly payments. The first payment will be made exactly one month from now. If an interest rate of 7% p.a. compounded monthly applies throughout the loan period, the monthly payment will be

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