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7. The lender will work out the monthly repayment amount for each year by adding to the principal balance as at 1st September (or 1st April in the case of the first repayment amount) the amount of interest which will after taking account of repayments accrue over the remaining period of the loan at the current rate and dividing the total by the number of repayments then unpaid. The first monthly repayment amount will be fixed for five months beginning in April and from then on each monthly repayment amount will be fixed for 12 months beginning in September.
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