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Q. |
Mr. X takes a loan of Rs 50,000 from HDFC Bank. The rate of interest is 10% per annum. The first installment will be paid at the end of year 5. Determine the amount of equal annual installments if Mr. X wishes to repay the amount in five installments. |
A. | Rs 19500 |
B. | Rs 19400 |
C. | Rs 19310 |
D. | None of the above |
Answer» C. Rs 19310 |
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