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You wish to buy a car that will cost you $130,000. Your bank has agreed to give you a hire purchase loan of 90% with

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You wish to buy a car that will cost you $130,000. Your bank has agreed to give you a hire purchase loan of 90% with a 9-year repayment period. The bank charges a 4% per annum simple interest. Calculate the monthly repayment for your car

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