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Assume that a Rs.20,00,000 plant expansion is to befinanced as follows: The firm makes a 15% down payment and borrows the remainder at 9% interest

Assume that a Rs.20,00,000 plant expansion is to befinanced as follows: The firm makes a 15% down payment and borrows the remainder at 9% interest rate. The loan is to be repaid in 3 equal annual installments beginning 4 years from now.

What is the size of the required annual loan payments?

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