Simran borrows 10400 rupees from a bank at an interest rate of 8% per annum. she agrees to repay the loan in two equal yearly installments. find the value of the installment
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8% of 10400 = 832
after two years
the installment will be = 2 × 832 = 1664
total payment = 10400 +1664 = 12064
after two years
the installment will be = 2 × 832 = 1664
total payment = 10400 +1664 = 12064
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