A man buys a music system valued at Rs. 8500. He pays Rs. 3500 at once and the rest 18 months later. On which he is charged simple interest at the rate of 8% per annum. Find the total amount he pays for the music system?
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Answer:
8540
Step-by-step explanation:
▪️Cost of the music system = ₹ 8000
▪️Money paid at once = ₹ 3500
▪️Money left = (8000 - 3500) = ₹ 4500
▪️Time = (18/12) = 3/2 yr and R = 8% per annum
▪️SI = PTR/100 = (4500 x 3/2 x 8)/100 = ₹ 540
▪️Money to be paid at the end = (4500 + 540) = ₹ 5040
▪️∴ Cost of music system = (3500 + 5040) = ₹ 8540
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