The cost of a computer is Rs.20,000
The company offers it in 36 months, but
charges 10% interest. Find the monthly
instalment the purchaser has to pay.
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Principal amount = 20,000 ruppees.
Time = T= 3 years
Interest rate= 10%p.a.
Amount need to be paid = Principal + Interest = 20000 +(20000×3×10/100) = 26000 ruppees. Monthly installment = 26000/36 = 722.22 ruppees. Hope it helps you.
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