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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 ...
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. Compute ...
3. A washing machine is available at Rs 6400 cash or for Rs 1400 cash down payment and 5 monthly installments of Rs 1030 each. C ...
4. A computer is sold by a company for Rs 19200 cash or for Rs 4800 cash down payment together with 5 equal monthly installments ...
5. A State Government announces sale of flats of Rs 555000 cash or Rs 42750 cash down payment and 3 equal Yearly installments. T ...
6. A TV set is available for Rs 19650 cash payment or for Rs 3100 cash down payment and 3 equal Yearly installments. If the shop ...
7. 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 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 the ...
Problem 3 of 8
3. A washing machine is available at Rs
cash or for Rs
cash down payment and
monthly installments of Rs
each. Calculate the rate of interest charged under the instalment plan.
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Installment
3. A washing machine is available at Rs 6400 cash or for Rs 1400 cash down payment and 5 monthly installments of Rs 1030 each. Calculate the rate of interest charged under the instalment plan.
Cash Price = `6400`
Down Payemnt = `1400`
Number of Installment = `5`
Installment Amount = `1030`
Remaining Balance = `6400 - 1400 = 5000`
After `5` months Amount = `5000 + 5000 × 5 / 12 × R / 100 = 5000 + (25000 × R) / 1200 `
` = 5000 + 125/6 × R ->(1)`
`1^(st)` Installment = `1030 + (1030 × R × 4) / (12 × 100)`
`2^(nd)` Installment = `1030 + (1030 × R × 3) / (12 × 100)`
`3^(rd)` Installment = `1030 + (1030 × R × 2) / (12 × 100)`
`4^(th)` Installment = `1030 + (1030 × R × 1) / (12 × 100)`
Total Installment `= 1030 × 5 + (1030 × R × (4 + 3 + 2 + 1)) / (12 × 100)`
` = 5150 + (1030 × R × (10)) / 1200`
` = 5150 + 103/12 × R ->(2)`
From (1) and (2)
`5000 + 125/6 × R = 5150 + 103/12 × R`
`125/6 × R - 103/12 × R = 5150 - 5000`
`49/4 × R = 150`
`R = 600/49`
`:. R = 600/49`
OR METHOD
Cash Price = `6400`
Down Payemnt = `1400`
Number of Installment = `5`
Installment Amount = `1030`
Remaining Balance = `6400 - 1400 = 5000`
Total Installment = `1030 × 5 = 5150`
Interest = `5150 - 5000 = 150 ->(1)`
Principal for `1^(st)` month = `5000`
Principal for `2^(nd)` month = `3970`
Principal for `3^(rd)` month = `2940`
Principal for `4^(th)` month = `1910`
Principal for `5^(th)` month = `880`
Total = `14700`
`:.` Installment = `(14700 × R × 1) / (100 × 12) ->(2)`
From (1) and (2)
`(14700 × R × 1) / (100 × 12) = 150`
`R = (150 × 100 × 12) / 14700`
`R = 600/49`
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