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Mathematics, 18.03.2021 02:00 jbrown76241

X Purchased a machine under hire purchase system. According to the terms of the agreement Rs.40,000 was to be paid on signing of the
contract. The balance was to be paid in four annual instalments of
Rs.25,000 each plus interest. The cash price was Rs.1,40,000. Interest is
chargeable on outstanding balance at 6% per annum. Calculate interest
for each year and the instalments amount.

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