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Calculate the monthly instalment to be paid over two years

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Problem 1: You purchased LG Side by Side Fridge from Courts Fiji Ltd on 05 October 2020 worth $8799 by making a deposit of $650. The payments will be made over two years on a monthly basis with the first payment due on 04 November 2020. The interest rate charged by Courts Fiji Ltd on hire purchases is 18% per annum. Calculate the monthly instalment to be paid over the two years.

Reference no: EM132665593

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