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Calculate the annual net premium

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Reference no: EM131071156

A lorry can be insured for an annual gross premium of £3,150 less a discount of 45% no claims bonus.

(a) Calculate the annual net premium. Premium payments may be made monthly, but in this case a service charge of 2.5% is added to the annual net premium.

(b) Calculate, giving your answer to the nearest penny, the amount of each monthly payment

Reference no: EM131071156

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