Question

a man buys a tv by making a cash down payment of rs 4945 and agree to pay two more yearly installments of equivalent amount at the end of first year and second year.if the rate of interest is 7 1/2% per annum, compounded annually, the cash value of the tv is nearest

Answer 1

Answer:

Step-by-step explanation:

Let say Amount of TV  = Rs T

Cash Down Payment =  4945

Remaining amount to pay = Rs  T - 4945

Interest for 1st Year - ( T - 4945) * (15/2) /100  = 3T/40 - 370.875

Let say installment  Paid = x

Principle paid = x  - (3T/40 - 370.875 )

Principle remained to paid = T - 4945 - (x  - (3T/40 - 370.875 ))

= T - 4945 - x + 3T/40 - 370.875

= 43T/40 - x  + 5315.875

Interest on 2nd Year = (43T/40 - x  + 5315.875) * 7.5/100

(43T/40 - x  + 5315.875) + (43T/40 - x  + 5315.875) * 7.5/100 = x

=>(43T/40 - x  + 5315.875)(1.075) = x

=> (43T - 40x + 21635)(1.075) = 40x

=> 46.225T - 43x + 23257.625 = 40x

=> 46.225T - 83x + 23257.625 = 0

Here x & T two variable are there

so insufficient data to solve