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Algorithm, Formulas, Examples added
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Installment
1. A briefcase is available for Rs 800 cash or for Rs 500 cash down payment and Rs 320 to be paid after 6 months. Find the r ...
2. A bicycle is sold for Rs 1800 cash or for Rs 600 cash down payment followed by 2 monthly installmnets of Rs 610 each. Com ...
3. A washing machine is available at Rs 6400 cash or for Rs 1400 cash down payment and 5 monthly installments of Rs 1030 eac ...
4. A computer is sold by a company for Rs 19200 cash or for Rs 4800 cash down payment together with 5 equal monthly installme ...
5. A State Government announces sale of flats of Rs 555000 cash or Rs 42750 cash down payment and 3 equal Yearly installmen ...
6. A man borrows money from a finance company and has to pay it back in 2 equal Half Yearly installments of Rs 4945 each. If ...
7. A TV set is available for Rs 19650 cash payment or for Rs 3100 cash down payment and 3 equal Yearly installments. If the ...
8. Ram borrowed a sum of money and returned it in 3 equal Quarterly installments of Rs 17576 each. Find the sum borrowed, if ...
Problem 1 of 8
1. A briefcase is available for Rs
cash or for Rs
cash down payment and Rs
to be paid after
months. Find the rate of intereset charged under the installment plan.
Solution
Example
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Installment
1. A briefcase is available for Rs 800 cash or for Rs 500 cash down payment and Rs 320 to be paid after 6 months. Find the rate of intereset charged under the installment plan.
Cash Price = `800`
Down Payemnt = `500`
Remaining Balance = `800 - 500 = 300`
The installment to be paid at the end of `6` months = `320`
`:.` the interest charged on Rs `300`, for a period of `6` months = Rs `320` - Rs `300 = 20`
If R % is the rate of interest per annum, then
`(300 × R × 6) / (100 × 12) = 20`
`R = 13.3333`
Thus, the rate of interest charged under the installment paln is = `13.3333` per annum
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