One person bought a machine by borrowing Rs 50,400 at an annual compound interest of 10%. He repaid the loan in two equal annual installments. But what is the amount of each installment?
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- You have not mentioned the time period, but let's assume it is for a year only, then... Calculate directly
- 10% of 50400= 5040
- He has to pay total= 50400+5040= 55440
- Divide this amount in 2 parts which will be your answer... 55440/2=27720
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