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How much is the annual instalment payable

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Question - Ms. Lake has purchased a home for $120,000 paying a deposit of $40,000 and borrowing the balance at a compounding interest rate of 9% per annum, repayable in annual instalments at the end of each year over 20 years. How much is the annual instalment payable?

a. $13,145.58

b. $8,763.72

c. $7,963.54

d. $4,381.86

Reference no: EM133036888

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