An iron is bought for cash price or down payment of rupees 210 and 2 equal monthly instalments of ruppee 220 each. If the rate of interest is 20% annually then find the cash price of the iron
Tiwariuday65:
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Let the cash price be x
Then down payment =210
Balance to paid in instalments =×-210
20%is rate of interest
The customer has to pay rupees 220each month
First installement=220 +220(20)/100=264
Second installement=220
So total instalements=484
So
So extra cash=84
I=prt/100
84=(x-210)2(20)/100×12
440×12=2x-420
5280=2x-420
2x=5280-420
X=4860/2
X=2435
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