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You want to borrow $1,500 from a friend to cover your school fees. You promise to repay the loan in 24 monthly repaymentscommencing today. If

You want to borrow $1,500 from a friend to cover your school fees. You promise to repay the loan in 24 monthly repaymentscommencing today. If theeffective annual interest (EAR)rate is 18.0% what is the amount of the monthly repayment?

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