Question

A man buys a scooter on making a cash down payment of
Rs.16224 and promises to pay two more yearly
installments of equivalent amount in next two years. If
the rate of interest is 4% per annum, compounded yearly,
the cash value of the scooter, is :​

Answer 1

Answer:

Rs 46824

Step-by-step explanation:

A man buys a scooter on making a cash down payment of

Rs.16224 and promises to pay two more yearly

installments of equivalent amount in next two years. If

the rate of interest is 4% per annum, compounded yearly,

the cash value of the scooter, is :​

Let say Cash Value of Scooter = X

Then Amount remained to pay = X - 16224

Interest for 1 st year = (X - 16224) 4 * 1 /100

Amount Paid after 1 Year = 16224

Amount remained to be paid after 1 year = (X - 16224)(1.04) -16224

Interest for 2nd Years = ( (X - 16224)(1.04) -16224 ) * 4/100

Amount to be paid = 16224

((X - 16224)(1.04) -16224) * 1.04 =  16224

=> ((X - 16224)(1.04) -16224) = 15600

=> (X - 16224)(1.04)  = 31824

=>  (X - 16224) = 30600

=> X = 46824

the cash value of the scooter = Rs 46824

Verification :

Total cash Amount to be paid = Rs 46824

PAid = Rs 16224

Remaining to be paid = 46824 - 16224 =  30600

Interest for 1 st year = 30600 * 4 * 1/100 = 1224

Amount reamined to be paid = 30600 + 1224 - 16224 = 15600

Interest on 15600 = 15600 * 4 * 1/100 = 624

to be paid = 15600 + 624 = 16224

Answer 2

Step-by-step explanation:

4%=1/25

(25=====26)×26

625====676

-----------------------------------------

650+625=====676

676=====16224

1=====24

1275×24=30600

So value of Scooter=30600+16224

====46824₹