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How many years will take for the loan to be repaid in full

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Problem 1: Mr. A has taken a loan of Rs. 1,00,000. This loan is to be repaid in equal instalments of Rs. 20,000, annually. The interest rate applicable on the loan is 8 percent. How many years will it take for the loan to be repaid in full? Prepare loan amortization chart.

Reference no: EM132630705

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