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Calculate the amount of interest included in each instalment

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Question - P purchases a motor car from Q whose cash price is $56,000 on January 1, 1995, $15,000 is paid at signing of the contract and the balance is to be paid in three equal annual instalments of $15,000 each. The rate of interest is 5% per annum. Calculate the amount of interest included in each instalment.

Reference no: EM133184481

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