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Percentage of the single payment cost

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Reference no: EM131086755

Insurance that costs £440 per annum if paid in a single payment, costs £38.50 per month if paid in 12 equal monthly installments.

Calculate:

(i) the additional annual cost if paying by monthly installments

(ii) the additional annual cost as a percentage of the single payment cost.

Reference no: EM131086755

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