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QUESTION
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:
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.
