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Mr . Rajesh plans to buy a car and start ride sharing profession ( Uber ) . Currently, he works in a company as a

Mr. Rajesh plans to buy a car and start ride sharing profession (Uber). Currently, he works in a company as a driver and earns 20,000 per month. The price of the car is 12,00,000 and he wants to take 50% loan taking the car as mortgage in the bank. That bank agrees to issue the loan for 3 years with an interest rate of 13% p.a. and the installments have to be paid quarterly. Calculate the installment amount and prepare and loan schedule. Should Mr. Rajesh buy the car if he can earn 60,000 per month? What would be the installment size/amount if the installments are due at the beginning of each quarter?

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