15. A watch is available for 970 cash or for 350 as cash down payment followed by 3 equal monthly instalments. If the rate of interest is 24% per annum, find the monthly
instalment.
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Step-by-step explanation:
Cash price =1500
Down payment = 350
Payment in 3 instalments =400×3=1200
Total amount =350+1200=1550
∴ Interest paid 1550−1500=50Rs
The principle for I month = 1500 - 350 = 1150
The principle for II month = 1150 - 450 = 750
The principle for III month = 750 - 400 = 350
∴ Total principal =1150+750+350=2250
Thus, we have 2250×r100×112=50
r = 80/3%
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