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a man purchased a house valued at 300000. he paid 200000 at the time of purchase and agreed to pay the balance with interest at 12% p.a compounded half yearly in 20 equal half yearly instalments. if the first instalme instalment is paid after 6 months from the date of purchase then the amou5of each instalment is?
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? a man purchased a house valued at 300000. he paid 200000 at the time...
Answer:
Here is the solution:
As we know that
P.V = 300000-200000
P.V = 100000
So,
I = 12 percent/ 2
I= 6 perecnt
and
N = 20
A = ?
Now applying
P.V = A[(1+i)^n-1]/i(1+i)^n
putting values
100000 = A[(1.06)^20-1]/0.06(1.06)^20
A= 8719.66
Hence 8719.66 is the amount of each installation
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? a man purchased a house valued at 300000. he paid 200000 at the time...
Problem:
A man purchased a house valued at $300,000. He paid $200,000 at the time of purchase and agreed to pay the balance with interest at 12% p.a compounded half-yearly in 20 equal half-yearly installments. If the first installment is paid after 6 months from the date of purchase, then what is the amount of each installment?
Solution:
1. Understanding the problem:
- The man purchased a house valued at $300,000.
- He paid $200,000 at the time of purchase.
- The remaining balance needs to be paid in 20 equal half-yearly installments.
- The interest rate is 12% p.a, compounded half-yearly.
- The first installment is paid after 6 months from the date of purchase.
2. Calculating the remaining balance:
- The remaining balance to be paid is $300,000 - $200,000 = $100,000.
3. Calculating the interest:
- The interest rate is 12% p.a, compounded half-yearly.
- The interest is calculated as A = P(1 + r/n)^(nt) - P, where A is the future value, P is the principal amount, r is the interest rate, n is the number of compounding periods per year, and t is the number of years.
- In this case, P = $100,000, r = 12% = 0.12, n = 2 (compounded half-yearly), and t = 20 (total number of installments).
- Calculating A: A = $100,000(1 + 0.12/2)^(2*20) - $100,000 = $202,000.77
4. Calculating the amount of each installment:
- The total amount to be paid, including the interest, is $202,000.77.
- The total number of installments is 20.
- Therefore, the amount of each installment is $202,000.77 / 20 = $10,100.04.
Answer:
The amount of each installment is $10,100.04.
A man purchased a house valued at $300,000. He paid $200,000 at the time of purchase and agreed to pay the balance with interest at 12% p.a compounded half-yearly in 20 equal half-yearly installments. If the first installment is paid after 6 months from the date of purchase, then what is the amount of each installment?
Solution:
1. Understanding the problem:
- The man purchased a house valued at $300,000.
- He paid $200,000 at the time of purchase.
- The remaining balance needs to be paid in 20 equal half-yearly installments.
- The interest rate is 12% p.a, compounded half-yearly.
- The first installment is paid after 6 months from the date of purchase.
2. Calculating the remaining balance:
- The remaining balance to be paid is $300,000 - $200,000 = $100,000.
3. Calculating the interest:
- The interest rate is 12% p.a, compounded half-yearly.
- The interest is calculated as A = P(1 + r/n)^(nt) - P, where A is the future value, P is the principal amount, r is the interest rate, n is the number of compounding periods per year, and t is the number of years.
- In this case, P = $100,000, r = 12% = 0.12, n = 2 (compounded half-yearly), and t = 20 (total number of installments).
- Calculating A: A = $100,000(1 + 0.12/2)^(2*20) - $100,000 = $202,000.77
4. Calculating the amount of each installment:
- The total amount to be paid, including the interest, is $202,000.77.
- The total number of installments is 20.
- Therefore, the amount of each installment is $202,000.77 / 20 = $10,100.04.
Answer:
The amount of each installment is $10,100.04.
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? a man purchased a house valued at 300000. he paid 200000 at the time of purchase and agreed to pay the balance with interest at 12% p.a compounded half yearly in 20 equal half yearly instalments. if the first instalme instalment is paid after 6 months from the date of purchase then the amou5of each instalment is?
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? a man purchased a house valued at 300000. he paid 200000 at the time of purchase and agreed to pay the balance with interest at 12% p.a compounded half yearly in 20 equal half yearly instalments. if the first instalme instalment is paid after 6 months from the date of purchase then the amou5of each instalment is? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about ? a man purchased a house valued at 300000. he paid 200000 at the time of purchase and agreed to pay the balance with interest at 12% p.a compounded half yearly in 20 equal half yearly instalments. if the first instalme instalment is paid after 6 months from the date of purchase then the amou5of each instalment is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for ? a man purchased a house valued at 300000. he paid 200000 at the time of purchase and agreed to pay the balance with interest at 12% p.a compounded half yearly in 20 equal half yearly instalments. if the first instalme instalment is paid after 6 months from the date of purchase then the amou5of each instalment is?.
? a man purchased a house valued at 300000. he paid 200000 at the time of purchase and agreed to pay the balance with interest at 12% p.a compounded half yearly in 20 equal half yearly instalments. if the first instalme instalment is paid after 6 months from the date of purchase then the amou5of each instalment is? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about ? a man purchased a house valued at 300000. he paid 200000 at the time of purchase and agreed to pay the balance with interest at 12% p.a compounded half yearly in 20 equal half yearly instalments. if the first instalme instalment is paid after 6 months from the date of purchase then the amou5of each instalment is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for ? a man purchased a house valued at 300000. he paid 200000 at the time of purchase and agreed to pay the balance with interest at 12% p.a compounded half yearly in 20 equal half yearly instalments. if the first instalme instalment is paid after 6 months from the date of purchase then the amou5of each instalment is?.
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