An electrict iron is sold for rs. 440 cash or for rs. 200 cash down payment followed by one Instalment after one month . If the rate of interest
is 20% per annum , find the Instalment due which has to pay after one month .
Answers
Given : An electric iron is sold for rs. 440 cash or for rs. 200 cash down payment followed by one Installment after one month . rate of interest
is 20% per annum
To Find : find the Installment due which has to pay after one month
Solution:
Amount to be paid = Rs 440
Cash down payment = Rs 200
Amount left to be paid = Rs 440 - 200 = Rs 240
Rate of interest = 20 % per annum
Time = 1 month = 1/12 Years
Interest = P * R * T /100
=> Interest = 240 * 20 * (1/12) /100
=4 Rs
Installment due which has to pay after one month = 240 + 4 = Rs 244
Installment due which has to pay after one month . = RS 244
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