Question: Please Show All Workings Very Clearly, and Do NOT use handwritten answers! HNB Bank has just given you a Rs 20,000 term loan to pay

Please Show All Workings Very Clearly, and Do NOT use handwritten answers!

HNB Bank has just given you a Rs 20,000 term loan to pay for the new concrete mixture.

The loan requires five equal annual end-of-year payments.

If the loan provides the bank with a 12% return, what will be your annual payment?

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