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Trevor Richardson is looking to purchase a Mercedes Benz SL600 Roadster, which has a total cost of $335 000. Trevor plans to deposit $120 000

Trevor Richardson is looking to purchase a Mercedes Benz SL600 Roadster, which has a total cost of $335 000. Trevor plans to deposit $120 000 and will pay the rest by taking on a 7.75 per cent per annum 5-year bank loan. What is the monthly payment on this car loan? Prepare an amortisation table using Excel. Assume interest compounds monthly.

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