Matts want to buy television if pays cash he gets a disccount of 7% if he pays with loan he has to pay 10% extra. the differnece between 2 method si 49.98 find the cost of televsion
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Answer:
The monthly payment=Rs. 1000 (c)
Duration 24 months (n)
The rate=12% per annum, or 1% per month
i=
100
r
=0.01
∴Present value=
i
c
[1−(1+i)
−n
]
=
0.01
1000
[1−(1.01)
−24
]
=
0.01
1000
[1−0.7884]
=
0.01
1000
×0.2116
=Rs. 21160
Initial down payment=Rs. 20,000
∴Total price=Rs. 41,160
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