Question

A person buys a washing machine on the condition
that he shall pay a sum of INR5880 as cash down
payment and the same sum at the end of the first
year and the two years. What is the total interest
paid by him under this scheme, if the rate of
interest is 5%, compounded yearly?​

Answer 1

Answer:

ghost

Step-by-step explanation:

XYZ...

don't know what but

2/5*5880

then multiply by again 5

then answer write

finish

Answer 2

The total interest paid by him under this scheme is 827 Rs.

A person buys a washing machine on the condition that he shall pay a sum of 5880Rs. as cash down payment and the same sum at the end of the first year and the two years.

We have to find the total interest paid by him under this scheme, if the rate of interest is 5% compounded yearly.

Let the cost of washing machine is x.

Amount becomes of washing machine after two years.

A = x(1 + 5/100)²    [ using formula A = P(1 + r/100)ⁿ ]

= x(21/20)²

= 441x/400

Money paid by person in two installments with interest = 5880 + 5880(1 + 5/100)

∴ 441x/400 = 5880 + 5880(21/20)

⇒ 441x/400 = 5880 + 6174

⇒ x = 10933.33

Total interest paid by him = sum of all installments - cost of washing machine

= 5880 × 2 - 10933.33

= 826.67 ≈ 827

Therefore the total interest paid by him under this scheme is 827 Rs.

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