Question

7
Washing machine is available for R$ 12,000 cash payment or after a cash down
payment of Rs.3600, two equal half yearly instalments. If the annual rate of interest
is 20% and the interest is compounded every six months, then find the amount of
instalment​

Answer 1

Answer:

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Step-by-step explanation:

payment followed by three monthly instalments of Rs. 2,500 each. Find the rate of

interest charged under instalment plan.

In Solving this question

Cash price of washing machine = Rs. 135000

Cash down payment = Rs. 6500

Balance due = Rs(13500 – 6500) = rs. 7000

No. of equal instalments = 3

Amountof each instalment =rs. 2500

Amount paid in installment = Rs. 7500

Therefore, interest paid in installment scheme = rs(7500-7000) = rs. 500

Principal for the 1stmonth = Rs. 7000

Principal for the 2ndmonth = Rs. 4500

Principal for the 3rdmonth = Rs. 2000

Total = Rs. 13500

Let the rate of interest be r% per annum

I = p*r*1 / 1200

Then, I = 13500*r*1 / 100*12

=> 500 =13500*r*1 / 100*12

=>r = 500*12/ 135

=>r = 44.4 %

Answer 2

r :- 500*12/135

r :- 44.4 %