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As the proprietor of a business, you plan to purchase new business premises costing $480 000. In addition, establishment expenses of 0.75 per cent of the purchase price plus legal expenses of $3200 are payable. The total cost to purchase the property will be financed by $140 000 of your own funds and a mortgage loan from your bank at 9.20 per cent per annum. The loan will be amortised by monthly instalments over the next seven years. What is the amount of each monthly instalment?

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