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Q=A local money lender lends you rupees 500,000/- and ask to pay him 45,000/- each month for 16 months. Find the nominal and effective interest

Q=A local money lender lends you rupees 500,000/- and ask to pay him 45,000/- each month for 16 months. Find the nominal and effective interest rate being charged by the lender . What will be the total sum amount , paid to the lender at the end of the contract?

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