Question

Indicom cell phone is available for rs 2500 cash or rs. 520 cash down payments followed by 4 equal monthly installments. If the rate of interest charged is 25% per annum. Calculate the monthly installment.

Answer 1

Answer:

Instalment amount = ₹686.4

Step-by-step explanation:

Balance of the price to be paid

= 2500 - 520

= 1980

Formula:

A = [x+(x*r*1)/100+x+(x*r*2)/100+x+(x*r*3)/100]

where A = p + (p*n*r)/100

or, 1980+(1980*4*25)/12*100 = [x+x/48+x+x/24+x+x/16]

or, 2145 = 3x + 6x/48

or, 102960 = 150x

or, x = 686.4

Answer 2

Answer:

Rs 520

Step-by-step explanation:

Attached.