Question

A person buys a washing machine on the condition that he shall pay a sum of INR 5880 as cash down payment and the same sum at the end of the first year and the two years . what is the total interest (in INR) paid by him under this scheme, if the rate of interest is 5% compounded yearly? (Nearest to a INR)?
a 842 b 784 c 792 d 827

Answer 1

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

the rate of interest is 5% compounded yearly

To Find :what is the total interest(in INR) paid by him under this scheme

Solution:

Let say Cost of washing Machine = 100C  rs

Paid as down payment = 5880

Remaining Amount =  100C - 5880

Interest in 1st Year  = (100C - 5880) * 5 * 1 /100  = 5C - 294

Amount left to be paid  =  100C - 5880 - 5880 + 5C - 294

= 105C - 12054

Interest in 2nd year =( 105C - 12054) * 5 * 1 /100  

Amount to be Paid

105C - 12054   + ( 105C - 12054) * 5 * 1 /100   = 5880

=> 105C - 12054  = 5600

=> C = 168.13

100C = 16813

Interest Paid = 3 * 5880 -  16813  = 826.67

= 827

the total interest(in INR) paid by him under this scheme, = 827

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Answer 2

$\huge\tt{\bold{\underline{\underline{Question᎓}}}}$

A person buys a washing machine on the condition that he shall pay a sum of INR 5880 as cash down payment and the same sum at the end of the first year and the two years . what is the total interest (in INR) paid by him under this scheme, if the rate of interest is 5% compounded yearly? (Nearest to a INR)?

a 842 b 784 c 792 d 827

$\huge\tt{\bold{\underline{\underline{Answer᎓}}}}$

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Let say Cost of washing Machine = 100bC

rs

Paid as down payment = 5880

Remaining Amount = 100C- 5880

Interest in 1st Year = (100C - 5880) 5 1/

100 5C - 294

Amount left to be paid = 100C 5880

5880+5C - 294

= 105C-12054

Interest in 2nd year =(105C - 12054) 5

1/100

Amount to be Paid

105C- 12054 +(105C 12054) *5*1/

100 =5880

=105C - 12054 = 5600

=>C= 168.13

100C= 16813

100C= 16813

Interest Paid = 3 * 5880 16813 = 826.67(round off-827)

therefore,the total interest(in INR) paid by him

under this scheme= $\bold{\red{827}}$

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