RS 5150 were borrowedand repaid in two equal installment if the rate of interest is 6% compounded annually then find the amount of each installment
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Step-by-step explanation:
Formula for installments in Compound Interest:
Assume we have taken a loan at period 0 and have to pay installments at the end of 1, 2, 3, 4th periods of x each. Now loan amount plus the interest on the total loan amount P at R% rate for 4 periods is equal to all the EMI's and interests earned for the remaining period
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