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.
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