The cricket club borrowed $400 000 to build a clubhouse.
Interest is calculated at the rate of 4.5% per annum, compounding monthly.
The cricket club will make monthly repayments of $2500.
After a number of monthly repayments, the balance of the loan will be reduced to $143 585.33.
What percentage of the next monthly repayment will reduce the balance of the loan?
Write your answer, correct to the nearest percentage. (2 marks)
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