john buys a tv worth rs.40,500 in 12 monthly installments. He pays rs 5000 as his first installment and after that each installment is rs 150 less than the previous month find the total amount he pays for the tv by installments also calculate the extra amount paid by him(question of AP)
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Answer:
Solution :-
The principal amount got as loan = MRP - Cash down payment
= 7500 - 3000 = Rs.4500
As the sum of Rs. 4500 has to be returned in 5 equal monthly installments, the payment of principal to be made will end on the completion of five months, Rs, 1000 being for every month.
The Principal for the 1st month = Rs. 4500
The Principal for the 2nd month = Rs. 3500
The Principal for the 3rd month = Rs, 2500
The Principal for the 4th month = Rs. 1500
The principal for the 5th month = Rs. 500
Thus the one month equivalent sum = 4500 + 3500 + 2500 + 1500 + 500
= Rs, 12500
As this sum of Rs. 4500 has to be paid in 5 monthly installments of Rs. 1000 each, the amount (Principal + Interest) will be Rs. 5000 and the interest to be paid = 5000 - 4500 = Rs. 500
Now, the Principal (equivalent to one month) = Rs. 12500
Amount of Interest = Rs. 500
Time = 1 month = 1/12 years (As the Principal has been converted equivalent to one month)
So, Rate of Interest = (100*Amount of Interest)/(Principal*Time)
⇒ (100*500)/(12500*1/12)
⇒ (50000)/12500/12
⇒ (50000*12)/12500
⇒ 600000/12500
= 48 %
So, the rate of interest is 48 %
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Step-by-step explanation:
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hope it helps.
by substituting the given value. this is the correct answer.
