Question
A Motorbike can be purchased on cash payment of Rs.
30000. But the same Motorbike can also be purchased on the cash down payment of Rs 7000 and the rest can be paid in three equal annual installments of Rs. 8000 for next three years. Find the rate of simple interest?Solution
Cash Price=30000 Less Cash Down Payment = (7000) Balance= 23000 First Installment= (8000) Balance= 15000 Second Installment= (8000) Balance= 7000 Third Installment= (8000) Balance= (1000) Now Interest on First year = (23000 × r ×1 )/100 Interest on Second year = (15000 × r ×1)/100 Interest of Third year = (7000 × r ×1 )/100 Now, according to the question (23000 × r ×1 )/100+ (15000 × r ×1)/100+ (7000 × r ×1 )/100=1000 (1000r (23+15+7))/100=1000 45r/100=1 r= 100/45=2(2/9)%
What is the definition of "inflation" in economic terms?
Who has been selected as the brand ambassador of NMDC recently?
An increase in savings in an economy typically leads to which of the following?
The annual rate of growth of GDP has been the lowest in which Five Year Plan?
Which of the following statements is true?
I. The capital market is a market for securities (debt or equity), where companies and Government ca...
Which of the following is true regarding GDP?
i. In calculating GDP only final marketable goods and services are considered
ii. GDP can be...
Which country's stock exchange is indexed by 'Bovespa'?
Who heads the National Development Council (NDC)?
Which of the following best describes inflationary pressure in an economy?
What does the economic term 'Cross Demand' relate to?