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Calculate the amount will need to borrow

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Bill decides to purchase a new car for $37 000. He has $12 000 deposit saved but will need to borrow the rest. A stamp duty at 0.55% of the purchase price will be included in the loan and loan establishment fees amount to $210. He arranges a personal loan for the amount at a flat rate of 5.2% p.a. and he agrees to pay the amount back in equal monthly payments over 4 years.

Question a) Calculate the amount he will need to borrow.

Question b) What is his monthly repayment?

Reference no: EM132623267

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