S borrows 5,00,000 to buy a house. If he pays equal instalments for 20 yearsand 10% interest on outstanding balance what will be the equal annual instalment?
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Answer:
500000to buy house
20 years for installments
10 percent interest
formula using = p×r/100×t
=500000×10/100×20
=1000000
per annum= 1000000÷20
= 50,000 rupees per annum
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