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A sum of $6600 was taken as loan. This is to be repaid in two annual

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Joined: 18 Jan 2020
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A sum of $6600 was taken as loan. This is to be repaid in two annual  [#permalink]

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New post 03 Jul 2020, 01:37
2
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A
B
C
D
E

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(N/A)

Question Stats:

44% (02:31) correct 56% (02:37) wrong based on 18 sessions

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A sum of $6600 was taken as loan. This is to be repaid in two annual installments. The rate of interest is 20%, which compounded annually. Find the value of each installment.

A. 4320
B. 4230
C. 4220
D. 4400
E. 4380

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Location: United States
Re: A sum of $6600 was taken as loan  [#permalink]

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New post 03 Jul 2020, 01:49
1
Explanation:
Formula: x/(1+R/100)^T

x/(1+20/100)^1 + x /(1+20/100)^2 = 6600
x/(6/5)^1 + x/(6/5)^2 = 6600
5x/6 + 25x/36 = 6600
55x/36 = 6600
x = (6600×36)/55
x = 4320

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Re: A sum of $6600 was taken as loan   [#permalink] 03 Jul 2020, 01:49

A sum of $6600 was taken as loan. This is to be repaid in two annual

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