Raghav bike shop for rupees 12000 is half of amount in cash and agrees to pay the balance in 12 annual installment of rupees 5000 each if the rate of interest is 12% and he page with the installment the interest due on the paid amount find the total cost of the shop
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Answered by
6
Step-by-step explanation:
Given that Raghav buys a shop for 120000.
He pays half of the amount in cash = 1/2 * 120000
= 60000.
Balance amount to be paid = 120000 - 60000 = 60000.
Given that amount of each installment = 5000.
He agrees to pay the balance in 12 annual installments with interest of 12%.
1. Amount of the first installment = 5000 + 12/100 * 60000
= 5000 + 600 * 12
= 5000 + 7200
= 12200.
2. Amount of the second installment = 5000 + 12/100 * (60000 - 5000)
= 5000 + 12/100 * 55000
= 5000 + 550 * 12
= 5000 + 6600
= 11600.
So. the amount paid for installment is 12200,11600.......It forms an AP.
The 1st term a = 12200
Common Difference d = 11600 - 12200
= -600.
The number of terms n = 12.
We know that sum of n terms = n/2(2a + (n-1)* d)
Therefore the total cost of the shop = 60000 + 12/2(2(12200) + (12-1) * (-600))
= 60000 + 6(24400 - 6600)
= 60000 + 6 * 17800
= 60000 + 106800
= 166800.
The total cost of the shop = 166800.
Hope this helps!
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Answered by
1
Answer:
166800
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