Question

A computer is available for Rs 34000 cash or Rs14260 cash down payment, together with two equal half- yearly instalment. If the rate of interest charge under instalment plan of 20% p.a ,calculate the value of each instalment.
Solution:

Answer 1

Given :  A computer is available for Rs 34000 cash or Rs14260 cash down payment, together with two equal half- yearly instalment. If the rate of interest charge under instalment plan of 20% p.a

To find : value of each installment.

Solution:

Let say Each installment = E Rs

Cost of computer = 34000  Rs

Paid   as down payment = Rs 14260

Remaining amount = 34000 - 14260

= 19740  Rs

Interest for 6 months  = 19740  * 20 *  (6/12)  /100 =  1974  Rs

Amount paid after 6 months =  E

Amount pending = 19740 + 1974 - E  = 21714 - E  Rs

Interest for next 6 months =  (21714 - E) * 20 * (6/12) /100  

=  (21714 - E)/10   Rs

Amount to be paid = ( 21714 - E )  + (21714 - E)/10    =  (11/10)(21714 - E)   Rs

Amount paid = E

 (11/10)(21714 - E)   =  E

=> 11 * 21714 - 11E = 10E

=> 21 E = 11 * 21714

=> E = 11 * 1034

=> E = 11374

value of each installment = Rs 11374

Learn more:

an overdraft of rupees 50,000 has to be paid back in annual equal ...

https://brainly.in/question/12967798

Liam wants to buy a car and pay for it in three installments. The total ...

https://brainly.in/question/15825014