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 instalments 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%
As per Union Budget 2023-24, what is the purpose of the National Data Governance Policy?
Recently Hindustan Aeronautics Limited (HAL) introduced Light Combat Helicopter for defense forces of India, it is named as?
Which Indian city was ranked among the two most polluted cities in the world in the "World Air Quality 2022" report released on March 15?
Recently a rare freshwater edible cyprinid fish was discovered by the researchers and was named Garra laishrami. Where was this fish discovered?
- What is the internal weapons carrying capacity of the AMCA in its stealth configuration?
Which of Newton's laws of motion explains the act of removing dust from a carpet by beating it?
Who was reappointed as the Secretary, Department of Defence R&D and Chairman of DRDO until May 31, 2025?
What percentage of incremental deposits in September 2024 were contributed by metropolitan branches, as per the RBI Quarterly BSR-2 report?
Indian Institute of Technology-Bombay has tied up with which company to launch a 'Bharat GPT' programme that will be launching products and services i...
Which state has bagged the national award for the best implementation of Pradhan Mantri Fasal Bima Yojana (PMFBY), a crop subsidy insurance scheme, for ...