Question

The cash price of a scooter in a showroom is Rs.20,000. Under an instalt
scheme this is available for cash down payment of Rs.11,000 with two equal.com
instalments at 25% annual rate of interest. If the interest is compounded every
then find the amount of each instalment​

Answer 1

Answer:

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Step-by-step explanation:

Cash price of the scooter=Rs.28,000

Cash down payment=Rs.7,400

Balance price to be paid the instalments=Rs.28,000−7,400

=Rs.20,600

Amount paid in 3 equal monthly instalment=7,000×3

=21,000

Total payment=7,400+21,000

=28,400

Interest paid in instalment scheme=28,400−28,000

=400

Principal amount for the 1st month =Rs.20,600

Principal amount for the 2nd month =20,600−7,000=Rs.13,600

Principal amount for the 3rd month =13,600−7,000=Rs.40,800

Rate if interest=  

40,800×1

400×100×12

​  

 

=11.76%

Thus, the rate of interest charged under instalment scheme is 11.76%