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Mr. Kumar has just borrowed $275,000 from BSP Bank @12% p.a. interest. He promised to repay in 5 equal annual installments beginning from the 4th

Mr. Kumar has just borrowed $275,000 from BSP Bank @12% p.a. interest. He promised to repay in 5 equal annual installments beginning from the 4th year-end onwards. Calculate the amount of the annual installment that Mr. Joseph has to pay to HFC Bank in full settlement of the borrowed amount

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