CLEAR
Toprankers-Info

+91 7676564400

Mobile App

Get it on Google Play
Discussions
Select Date
Tags:

Articles

Discussions
Submit Discussion
vaibhav

· started a discussion

· 1 Months ago

alternate solution (Question: 113246.0 )

please provide paramount solution which is rather easy

Question:
A mixi is marked at Rs. 1000 cash or Rs. 250 cash down payment followed by Rs. 200 a month for 4 months. The rate of interest for this installment plan will be :
Options:
A) 33\(\cfrac{1}{3}\)% p.a.
B) 45\(\cfrac{1}{15}\)% p.a.
C) 43\(\cfrac{1}{13}\)% p.a.
D) 44\(\cfrac{1}{14}\)% p.a.
Solution:
Ans: (a)

cash price = Rs 1000

Cash down payment = Rs 250

  Amount paid in 4 monthly installment = Rs (200 x 4) = Rs800

.-. Total amount paid under installment plan =Rs800 +250= 1050

.'. Interest charged = Rs 1050 - Rs 1000 = Rs 50

Principal for 1 st month = Rs1000 - Rs 250 = Rs 750

 Principal for 2nd month = Rs 750 - Rs 200 = Rs550

 Principal for 3rd month = Rs 550 - Rs 200 = Rs 350

 Principal for 4th month = Rs 350 - Rs 200 = Rs 150

Total principal on which interest is charged for a month =  Rs. 1800

I= (p*r*t)/100

50= (1800*r*1/12)/100

R= 100/3= 33\(\frac{1}{3}\)

-logo
We at aim to provide most comprehensive content & test for practice which is carefully divided into various chapters and topics to help you focus on your weak areas.Our Practice mock test gives you unmatched analytics to help you realize your strong areas,time management and improvement areas.Our Short & Crisp notes on each topic will help you to quickly revise the topic along with the tips & tricks of the exams.
More About
-Info
-Info

Mobile App

Get it on Google Play
About Us Campus Ambassador Careers Contact Us Refund Policy

All Rights Reserved Top Rankers

User Policy
Disclaimer
Terms & Conditions