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Ramesh Bodduri

· started a discussion

· 1 Months ago

installment (Question: 118172.0 )

please give explanation

Question:
A house is sold for Rs. 30,000 cash or Rs. 17500 as cash down payment and installment of Rs. 1600 per month for 8 month. Determine the rate of interest correct to one decimal place, under the installment plan:
Options:
A) 6.5%
B) 6%
C) 4.5%
D) 5%
Solution:
Ans: (a)


Worth of Rs.12500 after 8 months = 12500{1+(8R/100)}


Here, R is rate of interest per month


So, 100*12500{1+(8R/100)} = 1600[(100*8) + (8Rx7)/2]


So, R=(75/138)%  per month


So, R = (75*12)/138 % = 6.5% per annum


kanhaiya jha

· commented

· 1 Months ago



Worth of Rs.12500 after 8 months = 12500{1+(8R/100)}

Here, R is rate of interest per month

So, 100*12500{1+(8R/100)} = 1600[(100*8) + (8Rx7)/2]

So, R=(75/138)% per month

So, R = (75*12)/138 % = 6.5% per annum
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