Anil bought a motor cycle costing Rs.1,50,000 by making a down payment – InterviewSolution

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1.	Anil bought a motor cycle costing Rs.1,50,000 by making a down payment of Rs.50, 000 and agreeing to make equal annual payment for five years. How much would be each payment if the interest on unpaid amount be 10% compounded annually?
Answer» The total AMOUNT he had to pay in 5 years is 100,000As we know there is 12 MONTHS in 1 year.So,we MULTIPLY 12 and 5=60So in 1 month he had to pay 1,666.66The 10% of 1,666.66=166.66So,we add the amount he had to pay in month and its INTREST So,=1,666.66+166.66=1833.32So,He had to pay 1833.32 RUPEES in 1 month.

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