A sum of ₹5,19,500 is borrowed at

Principal  P = 519500
Rate  = $ 7\frac{4}{5}% = \frac{39}{5}% = 7.8% $
$  r = \frac{7.8}{100} = 0.078 $
Let each annual instalment = x
Present value of instalments = Principal
$ \frac{x}{(1+r)} + \frac{x}{(1+r)^2} = 519500 $
$\frac{x}{1.078} + \frac{x}{(1.078)^2} = 519500 $
$ (1.078)^2 = 1.162084 $
$ x (\frac{1}{1.078} + \frac{1}{1.162084}) = 519500 $
$  x (0.9276 + 0.8605) = 519500 $
$  x (1.7881) = 519500 $
$ x = \frac{519500}{1.7881} \approx 290521 $
Answer:  ₹2,90,521  ✅