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Answer:
£562.42
Step-by-step explanation:
Payments on a loan of P at rate r for n months can be found from ...
A = P(r/12)/(1 -(1 +r/12)^-n)
For r = .07 and n = 12, the payments on a £6500 loan will be ...
A = £6500(.07/12)/(1 -(1 +.07/12)^-12) = £562.42
Andy will pay £562.42 each month.
