an automobile showroom sells a bike for rs 38400 cash or for rs 9600 down payment and 5 equal monthly instalments you are required to find amount of each instalments if the interested is charge at 12%??
Answers
amount of each installments = Rs 5,933.95
Step-by-step explanation:
an automobile showroom sells a bike for rs 38400 cash or for rs 9600 down payment and 5 equal monthly installments
Amount to be paid = Rs 38400
Down Payment = Rs 9600
Remaining payment = 38400 - 9600
= 28800 Rs
Rate of interest = 12 % per annum = 1 % per month
Time = 5 months
EMI = P * (R/100) (1 + R/100)⁵ /( (1 + R/100)⁵ - 1)
= 28800 ( 1/100) (1.01)⁵/( (1.01)⁵ - 1)
= 5,933.95
amount of each installments = Rs 5,933.95
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