CLEAR
Toprankers-Info

+91 7676564400

Mobile App

Get it on Google Play
Discussions
Select Date
Tags:

Articles

Discussions
Submit Discussion
Pradeep Kumar

· started a discussion

· 1 Months ago

Solution (Question: 113239.0 )

We can solve this question like they provided solution in question# 24. But it is taking too much time for calculating the principal amount for 8 months.

I did and I could get the a. as answer.

Total int.= 300 ( can be calculated by adding down payment and all installments and subtracting from price)

Principal for 1st month= 12500 ( price-down payment)

Principal for 2nd month=10900 ( 12500-1600)

Similarly calculating for all 8 months and adding

total principal= 55200

I=P*r*r/100

time=1 month( I am not sure why they are taking it 1 month in solution of 24th question)

300=(55200*r*1)/(12*100)

r=6.5 % p.a.

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)


Vani Bhaskar

· commented

· 1 Months ago

well bro!!

Sagar Sharma

· commented

· 1 Months ago

the proper method is that we calculate interest for each of the month so from this we can take R*T/100 common and add the principal from here we get T = 1/12
-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