Question

mr raunaq purchased a typewriter costing 80000on1april 2017, on hire purchase basis by paying 20000 as down payment and rest of the amount in four equal yearly installment of 15000 each along with interest@5%p.a. calculate interest in each installment and also the amount of installment

Answer 1

The amount of interest on each installment is Rs. 3000/- and the amount of each installment is Rs. 18000/-