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You wish to borrow 2,500 today to purchase a new bicycle and will take out...

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Accounting

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You wish to borrow 2,500 today to purchase a new bicycle and will take out a loan to finance the purchase. Repayments will be monthly (with the first repayment occurring one month from today) and the term of the loan is 5 years. If the annual interest rate with monthly compounding is 10%, what is the fair monthly repayment on the loan? Answer to the nearest pound. Select one: O a. 45 O b. 57 O c. 82 O d. None of the above

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