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You are planning to buy a car with a loan. You want to borrow 11144 today and repayments will be monthly (with the first repayment

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You are planning to buy a car with a loan. You want to borrow 11144 today and repayments will be monthly (with the first repayment occurring one month from today) and the term of the loan is 6 years. If the annual interest rate with monthly compounding is 10%, what is the fair monthly repayment that you should demand? Answer to the nearest pound. a. 1108 b. 93 c. 237 d. 47

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