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a. You have taken a personal loan of Rs. 25,50,000 from SBI. The bank charges you an interest of 11% per annum. Assuming that your

a. You have taken a personal loan of Rs. 25,50,000 from SBI. The bank charges you an interest of 11% per annum. Assuming that your repayment period is 7 years, what is the annual installment that you pay to the bank? b. In the solution above, what part of the installment is used for repayment of the loan to the bank in the first year? (Hint. prepare a loan table for first year)

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