Question
Neil buys a Camera priced at 32000. He pays 8000 at once and the rest after 15 months on which he is charges a simple Interest at the rate of 18% per annum. Then find the total amount he pays for the camera?
Solution
Total Price of Camera = Rs. 32000 Initial Payment = Rs. 8000 Remaining Amount = Rs. 24000 Simple Interest in 15 months for Rs. 24000 24000*18*15/100*12= Rs. 5400 With SI, Total amount to be paid for Principal Amount Rs.24000 = (24000 + 5400) = Rs. 29400 Therefore, total amount he pays for the Camera = 29400 + 8000 = Rs .37400
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