AR SHOWROOM I want to buy this car worth 5 lakhs. Do you have any loan plans? Ashish Surely Sir! We have two loan plans. 1. We offer loan at rate of 8% p.a. for 1 year at simple interest 2. We also offer loan at rate of 8% p.a. for 1 year at compound interest a Car salesman ? a. b. Are two plans same or different? Give reasons. How much will Ashish have to pay at end of the 1st year according to both the plans? Give reasons for your answer.
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SHOWROOM I want to buy this car worth 5 lakhs. Do you have any loan plans? Ashish Surely Sir! We have two loan plans. 1. We offer loan at rate of 8% p.a. for 1 year at simple interest 2. We also offer loan at rate of 8% p.a. for 1 year at compound interest a Car salesman ? a. b. Are two plans same or different? Give reasons. How much will Ashish have to pay at end of the 1st year according to both the plans? Give reasons for your answer.
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