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an automobile showroom sells a bike for rs 38400 cash or for rs 9600 down payment and 5 equal monthly instalments you are required to find amount of each instalments if the interested is charge at 12%?? |
Answer» AMOUNT of each installments = Rs 5,933.95Step-by-step EXPLANATION: an automobile showroom sells a bike for rs 38400 cash or for rs 9600 down payment and 5 EQUAL monthly installments Amount to be paid = Rs 38400 Down Payment = Rs 9600 Remaining payment = 38400 - 9600 = 28800 Rs Rate of INTEREST = 12 % per ANNUM = 1 % per month Time = 5 months EMI = P * (R/100) (1 + R/100)⁵ /( (1 + R/100)⁵ - 1) = 28800 ( 1/100) (1.01)⁵/( (1.01)⁵ - 1) = 5,933.95 amount of each installments = Rs 5,933.95 Learn more: John borrowed Rs. 2,10,000 from a bank at an interest rate of 10 ... A person buys a machine at a rate of Rs.50,400 per annum at an ... loan of Rs 4641 is to be paid back by 4 equal annual instalments ... |
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