The cost price of a refrigerator is rupees 16,800. Ranjith wants to buy the refrigerator at 0% finance scheme paying 3 E.M.I .in advance . A processing fee of 3% is also collected from Ranjith. Find the E.M.I . and the total. Amount paid by him for a period of 24 months
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Answer:
Cost of refrigerator =Rs 16800
Interest(R)=0%
Period (N)=24 months
∴ EMI =16800+
24
0
=Rs700
(we add 0 to 16800 since there is no or zero interest)
3 EMI is paid in advance
∴ Amount v paid =700×3= Rs2100
Processing rate =3%
∴ Processing charge=
100
3
×16800
=Rs504
∴total amount paid =CP+2100+504
= 16800+2100+504
=Rs19404
∴ EMI=Rs700
Total amount paid=Rs 19404.
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