Question
Download Solution PDFA person P purchases a washing machine for Rs.22,000 cash or for Rs.9,000 cash down payment and two monthly instalments of Rs.8,000 each. The rate of the simple interest is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Cash price of washing machine = ₹22,000
Cash down payment = ₹9,000
2 monthly instalments of ₹8,000 each
Formula used:
Simple Interest (SI) = \(\frac{P \times R \times T}{100}\)
Calculations:
Balance after down payment = 22000 - 9000 = ₹13,000
Total instalment amount = 8000 + 8000 = ₹16,000
Interest paid = 16000 - 13000 = ₹3,000
1st instalment paid after 1 month on ₹13,000
Remaining after 1st payment = 13000 - 8000 = ₹5,000
2nd instalment paid after 1 month on ₹5,000
Total principal for SI calculation = ₹13,000 for 1 month + ₹5,000 for 1 month = ₹18,000 for 1 month
Time (T) = 1 month = 1/12 years
⇒ 3000 = (18000 × R × 1/12) ÷ 100
⇒ 3000 = (18000 × R) ÷ 1200
⇒ 3000 × 1200 = 18000 × R
⇒ 3600000 = 18000 × R
⇒ R = 3600000 ÷ 18000 = 200
∴ Rate of simple interest = 200% per annum
Last updated on Dec 9, 2024
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