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You took out a loan to pay back R120 000 over a period of 60 months at a nominal interest rate of 12%. After the

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You took out a loan to pay back R120 000 over a period of 60 months at a nominal interest rate of 12%. After the 24 th month, the bank decides to reduce the interest rate on the loan from 12% to 9%. How much per month do you need to pay back the bank on the 25th month? Provide your answer as a positive number rounded to two decimal figures

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