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A ceiling fan is marked Rs.1940 cash or for Rs. 420 cash down payment followed by three equal monthly instalments. If the rate of interest charged under the instalment plan is 16% per annum, find the monthly instalment. |
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Answer» Market price=1940Rs Down payment=420Rs Let monthly installment=xRs Total price=(3x_420)Rs Intersect=(3x+420)-1940 (3x-1520)Rs Buyer owes to seller in 1 month=1520Rs Buyer owes to sellers in 2 months=1520-x buyer owes to sellers in 3 months=1520-2x total amount=4560-3x Rate =16% Interest=(P*R*T)/100 (3x-1520)=(4560-3x)*16/100 (3-1520)*75=(4560-3x) 228x=1520(3+75) x=520Rs. |
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