find cash price sewing machine , if Mrs.Aslam pays down Rs.500 and Rs.1000 in 5 months.if interest charged is 12%.
Answers
Cash Price of Sewing Machine = 1470.68 Rs
Step-by-step explanation:
Down Payment = Rs 500
Remaining amount to Pay = P Rs
Rs 1000 Paid in 5 month
=> EMI = 1000/5 = 200 Rs
Interest Rate = 12 % per annum = 1 % Per month
n = 5 month
EMI = P * (R/100) ( 1 + R/100)ⁿ/ ( ( 1 + R/100)ⁿ - 1)
=> 200 = P * (1/100) * 1.01⁵ /(1.01⁵ - 1)
=> P = 970.68
Cash Price of Sewing Machine = 500 + 970.68
= 1470.68 Rs
Cash Price of Sewing Machine = 1470.68 Rs
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Answer:
- 1452.38 Rs ( Rounded figure )
* if interest charged is Simple interest
Step-by-step explanation:
Since Mr. Aslam pays Rs.500 as down payment and Rs.1000 in 5 months.
The interest should be charged on Rs.1000 over 5 months at a rate of 12% per annum.
*interest is not charged on down payment in a typical transaction.
Hence we can form the equation:
x + (12/100) (x) (5/12) = 1000
Formation: The amount of interest charged per annum on principle amount in the time ( years ) + the principle amount is equal to 1000.Rs
here;
- x is taken as a variable for the principle amount
- 12% = 12/100 is the interest charged
- 5/12 ( 5 months / 12 months ) is the time taken in years ( since there are 12 months in a single year )
Solving:
x + 0.05x = 1000
1.05x = 1000
x = 1000/1.05
x = 952.38 ....
adding principle amount and down payment to get the price of the machine without interest.
952.38 + 500 = 1452.38
- so it costs 1452.38 Rs