Question
A car is available for ₹5,40,000 cash or for ₹95,520
cash down payment followed by three equal annual instalments. If the rate of interest charged is 15% p.a., compounded yearly, then the total interest paid (in ₹) in the instalment scheme is:Solution
The price of the car = ₹5,40,200 The down payment is done for buying car = ₹95,520 The remaining amount (which is paid in three equal instalments) = ₹4,98,200 - ₹95,520 = ₹4,44,480 The rate of interest applied annually = 15% p.a. The number of installments, n = 3 Now, By substituting the value of the respective variable in the required formula, we get, 444480 = (A/15%) x [1 - (1/(1 - 15%)3)] 444480 = (A/15%) x [1 - (1/(1 – (100)3/(115)3)] 444480 = (100 A/15%) x 34725/(115)3 (12.8 x 115 x 115 x 115)/100 = A A = 19467 The total amount paid in three installments = ₹19467× 3 = ₹5,84016 The interest paid = ₹5,84,016 - ₹4,44,480 = ₹139536
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