Question

an article is sold for rs.500 cash or for rs. 150 cash down payments followed by 5 equal monthly installment. if the rate interest charged is 18 percent per annum calculate the monthly installment​

Answer 1

Answer:

73.18

Step-by-step explanation:

Article is sold for rs.500 cash or

for rs. 150 cash down payments followed by 5 equal monthly installment

=> Amount Pending aftre cash down payment = 500 - 150 = Rs 350

Rate of Interest = 18 % per annum  or 1.5% per month

5 Monthly Installment

EMI = P * (R/100) * (1 + R/100)ⁿ / (( 1 + R/100)ⁿ - 1)

P = 350

R = 1.5

n = 5

EMI = 350 * (1.5/100) (1.015)⁵/((1.015)⁵ - 1))

EMI = 73.18