The price of a tape recorder is $1561. A person purchased it by paying a cash of $300 and the balance with due interest, in 3 half-yearly equal installments. If the dealer charges interest at the rate of 10% p.a. compounded half yearly, find the value of each installment.
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value of each installment. = Rs 507
Step-by-step explanation:
The price of a tape recorder is $1561
Cash Paid $ 300
Remaining Amount to Pay = 1561 - 300 = 1261
Rate of interest = 10 %
Number of installments = 3
Value of each installment = 1261 * (10/100) ( 1+ 10/100)³ /( ( 1+ 10/100)³ - 1)
= 507.07
value of each installment. = Rs 507
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