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A firm purchases a plant for 40,00,000. It makes a down payment of 20% and borrows the remainder at 12% interest rate. The loan

A firm purchases a plant for 40,00,000. It makes a down payment of 20% and borrows the remainder at 12% interest rate. The loan is to be repaid in 7 equal annual instalments beginning from 5th Calculate the amount of annual loan repayments. year.

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