Hire us
Support us
(New)
All problem can be solved using search box
I want to sell my website www.AtoZmath.com with complete code
Home
What's new
College Algebra
Games
Feedback
About us
Algebra
Matrix Algebra
Numerical Methods
Statistical Methods
Operation Research
Word Problems
Calculus
Geometry
Pre-Algebra
Translate this page
What's new
1.
Partial Fractions
on 19.04.19
2.
Find roots of non-linear equations using Multivariate Newton Raphson method
on 19.04.19
3.
Solve linear equations using Elimination method
on 19.04.19
4.
Maximize Profit case in transportation problem
on 07.04.19
5.
Revised Simplex method
on 26.03.19
6.
Moore-Penrose Pseudoinverse
on 22.03.19
7.
Geometric mean, Harmonic mean for ungrouped data
on 21.03.19
8.
Geometric mean, Harmonic mean for grouped data
on 21.03.19
9.
LQ Decomposition
on 20.03.19
10.
Muller method
on 20.03.19
11.
Matrix Algebra
on 17.03.19
1.
with variables
`[[2x,3y],[3x,4z]]`
2.
with complex numbers
`[[-5i,3i],[4i,5i]]`
3.
with surds
`[[1/sqrt(2),sqrt(2)],[4,-5]]`
12. PERT and CPM
1.
Network diagram
on 10.03.19
2.
Critical path, Total float, Free float, Independent float
on 10.03.19
3.
Project scheduling with uncertain activity times (Optimistic, Most likely, Pessimistic)
on 10.03.19
4.
Project crashing to solve Time-Cost Trade-Off with fixed Indirect cost
on 10.03.19
5.
Project crashing to solve Time-Cost Trade-Off with varying Indirect cost
on 10.03.19
Topics
Home
Algebra
Matrix Algebra
Numerical Methods
Statistical Methods
Operation Research
Word Problems
Calculus
Geometry
Pre-Algebra
College Algebra
Games
Test
Method and examples
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 7 of 8
7. A man borrows money from a finance company and has to pay it back in
equal
Yearly
Half Yearly
Quarterly
installments of Rs
each. If the interest is charged by the finance company at the rate of
% per annum compounded as installment plan, find the principal and the total interest paid.
Solution
Example
Solution
Solution provided by AtoZmath.com
Want to know about
AtoZmath.com and me
This is demo example. Please click on Find button and solution will be displayed in Solution tab (step by step)
Installment
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 interest is charged by the finance company at the rate of 15 % per annum compounded as installment plan, find the principal and the total interest paid.
InstallAmt = `4945`
Number of Installment = `2`
Rate = `7.5`
The amount of `4945` Rs paid at the end of 1st Year
has its principal equal to
` = 4945 / ( 1 + 7.5 / 100 )`
` = 4945 / ( 107.5 / 100 )`
` = 4945 × 0.9302`
Similarly, for `2^(nd)` Year = `4945 × (0.9302)^2`
`:.` The total of the present values of the `2` Installment is Rs `( 4945 × 0.9302 + 4945 × (0.9302)^2 )`
` = 8879.0698`
Total Amount Paid `= 4945 × 2 = 9890`
Interest = Total Paid - Balance Amount `= 9890 - 8879.0698 = 1010.9302`
Share with your friends, if solutions are helpful to you.
Home
What's new
College Algebra
Games
Feedback
About us
Copyright © 2019. All rights reserved.
Terms
,
Privacy
Review Consent