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A sapphire ring with a marked price of $1800 is offered to the purchaser on the following terms: $200 deposit and the balance to be paid over 24 equal monthly instalments with interest charged at 11.5% p.a. flat rate. Find the monthly repayments

Correct Answer: $82

Explanation:

Total repayment amount = $1600 + $368
= $1968
= $82


regular payment= total amount/number of repayments


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