A person bought a house paying rs.20000 cash down and rs. 4000 at the end of each year for 25 years at 5% p.a compound interest. the cash down price is??
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Payment = P =20000
cash down=4000
interest = R=5%
cash down price=cash down x (100+ R/100)²⁵
=4000 x (105/100)²⁵
=4000 X (1.05)²⁵
=4000 X 3.38
=13520
total cash down = cash down price + Payment
=20000+13520
=33520
cash down=4000
interest = R=5%
cash down price=cash down x (100+ R/100)²⁵
=4000 x (105/100)²⁵
=4000 X (1.05)²⁵
=4000 X 3.38
=13520
total cash down = cash down price + Payment
=20000+13520
=33520
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