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Mr. Nirav borrowed Rs. 50,000 from the b...

Mr. Nirav borrowed Rs. 50,000 from the bank for 5 years. The rate of interest is 9% per annum compounded monthly. Find the payment he makes monthly if he pays back at the beginning of each month.

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Knowledge Check

  • Mr. Nair get Rs.6,455 at the end of one year at the rate of 14% per annum in a recurring deposit amount. The monthly instalment is:

    A
    Rs.400
    B
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    C
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    D
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    A
    Rs.500
    B
    Rs.600
    C
    Rs.700
    D
    Rs.800

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