Mr. Jeevan Lal estimated that he would require about Rs 65 lakh of funds to finance the three proposed projects in case they are accepted. Funds from internal sources were out of question. He approached Vishal Bank to explore the possibility of seven-year term loan. The bank officials informed him that the current rate of interest on such loan would be 15%. The payments for both principal and interest would be required to be made either at the end of each year or at the end of the maturity of loan or at the start of each year. 9. In case of payments at the end of the maturity of loan, he was interested in finding how much he should save each year by investing outside at 18.5% so that he has sufficient funds to repay the loan at maturity 10. He was interested in finding out the installment amount required to be paid and the total amount paid by him towards the loan repayment at the end of the maturity of loan'. In case when payments are made at the end of each year & also when payments are made at the beginning of each year.