Question 24

Monika buys a Samsung’s 360 litre refrigerator from M/s Coldrush Agencies for ₹ 42,000. She makes a down payment of ₹ 12,000 and the remaining amount in 4 equal half yearly instalments. If M/s Coldrush Agencies charge an interest of 10% per annum, approximately what amount Monika has to pay every six month ?

Solution

Cost of refrigerator= 42,000

Amount paid as downpayment by Monika = 12,000

So the amount on which Monika has to pay the interest = 30,000.

Interest charged per annum = 10%

Since she is repaying the amount half-yearly, the interest = 5%

30000*$$\ \frac{\ 105}{100}$$ = $$\ \frac{\ x}{1.05^3}+\ \frac{\ x}{1.05^2}+\ \frac{\ x}{1.05}+x$$

31500 = 3.723x

x=8460

C is the correct answer.

Video Solution

video

Create a FREE account and get:

  • All Quant Formulas and shortcuts PDF
  • 170+ previous papers with solutions PDF
  • Top 5000+ MBA exam Solved Questions for Free

Related Formulas With Tests

cracku

Boost your Prep!

Download App