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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 2 of 8
2. A bicycle is sold for Rs
cash or for Rs
cash down payment followed by
monthly installmnets of Rs
each. Compute the rate of the interest charged under the installment scheme.
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Installment
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 the rate of the interest charged under the installment scheme.
Cash Price = `1800`
Down Payemnt = `600`
Number of Installment = `2`
Installment Amount = `610`
Remaining Balance = `1800 - 600 = 1200`
After `2` months Amount = `1200 + 1200 × 2 / 12 × R / 100 = 1200 + (2400 × R) / 1200 `
` = 1200 + 2 × R ->(1)`
`1^(st)` Installment = `610 + (610 × R × 1) / (12 × 100)`
Total Installment `= 610 × 2 + (610 × R × (1)) / (12 × 100)`
` = 1220 + (610 × R × (1)) / 1200`
` = 1220 + 61/120 × R ->(2)`
From (1) and (2)
`1200 + 2 × R = 1220 + 61/120 × R`
`2 × R - 61/120 × R = 1220 - 1200`
`179/120 × R = 20`
`R = 2400/179`
`:. R = 2400/179`
OR METHOD
Cash Price = `1800`
Down Payemnt = `600`
Number of Installment = `2`
Installment Amount = `610`
Remaining Balance = `1800 - 600 = 1200`
Total Installment = `610 × 2 = 1220`
Interest = `1220 - 1200 = 20 ->(1)`
Principal for `1^(st)` month = `1200`
Principal for `2^(nd)` month = `590`
Total = `1790`
`:.` Installment = `(1790 × R × 1) / (100 × 12) ->(2)`
From (1) and (2)
`(1790 × R × 1) / (100 × 12) = 20`
`R = (20 × 100 × 12) / 1790`
`R = 2400/179`
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