Question

mukesh bought a cellphone for 10100 on emi at ci rate of 24% per annum and paid back in 2 equal monthly installments. what is the amount of each installment​

Answer 1

Answer:

Installments Under Simple Interest

Step-by-step explanation:

This will be equal to the total interest charged for n months i.e. [P+ (P* n* r)/ 12* 100].

Answer 2

Answer:

Data: Cost price = Rs. 8,000, down payment = Rs. 1,000.

Balance P = 8000 - 1000 = Rs. 7,000. Number of installments n = 8.

Installment amount = Rs. 1,000. Thus

excess amount paid = E = nI - P =(8×1000)−7000=Rs.100)

Therefore

R=

n((n+1)I−2E)

2400E

=

8((8+1)×1000−2×1000)

2400×1000

=

8(9000−2000)

2400×1000

=

8×7000

2400×1000

=

7

300

≈42.9.

Hence R = 42.9% approximately.