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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 4 of 8
4. A computer is sold by a company for Rs
cash or for Rs
cash down payment together with
equal monthly installments. If the rate of interest charged by the company is
% per annum, find each installment.
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Installment
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. If the rate of interest charged by the company is 12 % per annum, find each installment.
Cash Price = `19200`
Down Payemnt = `4800`
Number of Installment = `5`
Rate = `12`
Remaining Balance = `19200 - 4800 = 14400`
At the end of `5` months, Amounts to = `14400 + (14400 × 5 × 12) /(12 × 100) = 14400 + 720`
` = 15120 ->(1)`
Let Installment = `X`
`1^(st)` Installment `= X + (12 × X × 4) / (12 × 100)`
`2^(nd)` Installment `= X + (12 × X × 3) / (12 × 100)`
`3^(rd)` Installment `= X + (12 × X × 2) / (12 × 100)`
`4^(th)` Installment `= X + (12 × X × 1) / (12 × 100)`
Total Installment `= X + ( X + (12 × X × 4) / (12 × 100) ) + ( X + (12 × X × 3) / (12 × 100) ) + ( X + (12 × X × 2) / (12 × 100) ) + ( X + (12 × X × 1) / (12 × 100) )`
Total Installment `= 5 X + (12 × X ×(4 + 3 + 2 + 1))/ (12 × 100)`
Total Installment `= 5 X + 1/10 × X`
Total Installment `= 51/10 X ->(2)`
From (1) and (2)
`51/10 X = 15120`
`X = (15120) / (51/10)`
`X = 50400/17`
`:.` Installment Amount = `50400/17`
OR METHOD
Cash Price = `19200`
Down Payemnt = `4800`
Number of Installment = `5`
Rate = `12`
Remaining Balance = `19200 - 4800 = 14400`
Let Installment = `X`
`:.` Interest Paid = `5 X - 14400 ->(1)`
Principal for `1^(st)` month = `14400`
Principal for `2^(nd)` month = `14400 - 1 X`
Principal for `3^(rd)` month = `14400 - 2 X`
Principal for `4^(th)` month = `14400 - 3 X`
Principal for `5^(th)` month = `14400 - 4 X`
Total `= 72000 - 10 X`
`:.` Interest `= ((72000 - 10 X) × 12 × 1) / (100 × 12) ->(2)`
`:.` From (1) and (2)
`((72000 - 10 X) × 12 × 1) / (100 × 12) = 5 X - 14400`
`(72000 - 10 X) = 500 X - 1440000`
`500 X + 10 X = 72000 + 1440000`
`510 X = 1512000`
`:. X = 50400/17`
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