Question

X purchased machinery under hire purchase agreement from Y.

The cash price of the machinery was Rs. 15,500. The payment

was to be made as follows :

On signing the agreement Rs. 3,000

First year end Rs. 5,000

Second year end Rs. 5,000

Third year end Rs. 5,000

Calculate interest for each year​

Answer 1

Explanation:

On signing the agreement Rs. 3,000

First year end Rs. 5,000

Second year end Rs. 5,000

Third year end Rs. 5,000

Calculate interest for each year