Question

The cash price of a microwave oven is Rs. 20,100. if this is available for Rs.3700
cash down payment with two equal monthly instalments at 10% annual rate of
interest then find the amount of each instalment.​

Answer 1

Answer:

9449.523 or 9450

Step-by-step explanation:

20,000 - 3700 = 16,400

A = p( 1+ R/100)^n

p = A / ( 1+ R/100)^n

16,400 = x / (1+ 10/100)^1 + x / ( 1+ 10/100)^2

16,400 = x ( 210/121)

210x = 16400 × 121

x = 198440/21

x = 9449.523 or 9450