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You have approached First Abu Dhabi Bank for a loan to buy a house. The bank offers you an AED 4 0 0 0 0

You have approached First Abu Dhabi Bank for a loan to buy a house. The bank offers you an AED

400 000

loan, repayable in equal monthly instalments at the end of each month for the next

20

years. If the interest rate on the loan is

9 %

per annum, compounded monthly, your monthly repayment

(

to the nearest AED

)

will be:

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