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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 8 of 8
8. Ram borrowed a sum of money and returned it in
equal
Yearly
Half Yearly
Quarterly
installments of Rs
each. Find the sum borrowed, if the rate of interest charged was
% per annum compounded as installment plan. Find also the total interest charged.
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Installment
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 rate of interest charged was 16 % per annum compounded as installment plan. Find also the total interest charged.
InstallAmt = `17576`
Number of Installment = `3`
Rate = `4`
The amount of `17576` Rs paid at the end of 1st Year
has its principal equal to
` = 17576 / ( 1 + 4 / 100 )`
` = 17576 / ( 104 / 100 )`
` = 17576 × 0.9615`
Similarly, for `2^(nd)` Year = `17576 × (0.9615)^2`
Similarly, for `3^(rd)` Year = `17576 × (0.9615)^3`
`:.` The total of the present values of the `3` Installment is Rs `( 17576 × 0.9615 + 17576 × (0.9615)^2 + 17576 × (0.9615)^3 )`
` = 48775`
Total Amount Paid `= 17576 × 3 = 52728`
Interest = Total Paid - Balance Amount `= 52728 - 48775 = 3953`
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