B Com Exam > B Com Questions > P purchased a T.V. on hire purchase system. T...
Start Learning for Free
P purchased a T.V. on hire purchase system. The cash price of tge T.V. was Rs.7200. He agrees to pay four quarterly installments of Rs. 2000 each. Calculate interest for each quarter.?
Most Upvoted Answer
P purchased a T.V. on hire purchase system. The cash price of tge T.V....
Calculation of Interest on Hire Purchase System
Given:
Cash price of T.V. = Rs.7200
Installment amount = Rs.2000 per quarter
Calculation:
The total amount to be paid by P in 4 quarters = 4 x Rs. 2000 = Rs. 8000
The interest charged on the hire purchase system can be calculated using the following formula:
Interest = (Cash price of T.V. x Rate of interest x Time)/100
Here, the cash price of the T.V. is Rs. 7200. The total interest charged is the difference between the total amount paid by P and the cash price of the T.V.
Total interest charged = Rs. 8000 - Rs. 7200 = Rs. 800
The interest for each quarter can be calculated as follows:
For the first quarter:
Interest = (7200 x Rate of interest x 3)/100 (since only three months have passed in the first quarter)
Interest + 2000 = 7200 + (7200 x Rate of interest x 3)/100
Interest + 2000 = 7200 + 216Rate of interest
Interest = (7200 + 216Rate of interest) - 2000
For the remaining quarters:
Interest = (7200 x Rate of interest x 3)/100 (since each quarter consists of three months)
Interest + 2000 = 2000 + (7200 x Rate of interest x 3)/100
Interest = (7200 x Rate of interest x 3)/100
Therefore, the interest for each quarter is as follows:
First quarter: (7200 + 216Rate of interest) - 2000
Remaining quarters: (7200 x Rate of interest x 3)/100
Final Answer:
First quarter: (7200 + 216Rate of interest) - 2000
Remaining quarters: (7200 x Rate of interest x 3)/100
Given:
Cash price of T.V. = Rs.7200
Installment amount = Rs.2000 per quarter
Calculation:
The total amount to be paid by P in 4 quarters = 4 x Rs. 2000 = Rs. 8000
The interest charged on the hire purchase system can be calculated using the following formula:
Interest = (Cash price of T.V. x Rate of interest x Time)/100
Here, the cash price of the T.V. is Rs. 7200. The total interest charged is the difference between the total amount paid by P and the cash price of the T.V.
Total interest charged = Rs. 8000 - Rs. 7200 = Rs. 800
The interest for each quarter can be calculated as follows:
For the first quarter:
Interest = (7200 x Rate of interest x 3)/100 (since only three months have passed in the first quarter)
Interest + 2000 = 7200 + (7200 x Rate of interest x 3)/100
Interest + 2000 = 7200 + 216Rate of interest
Interest = (7200 + 216Rate of interest) - 2000
For the remaining quarters:
Interest = (7200 x Rate of interest x 3)/100 (since each quarter consists of three months)
Interest + 2000 = 2000 + (7200 x Rate of interest x 3)/100
Interest = (7200 x Rate of interest x 3)/100
Therefore, the interest for each quarter is as follows:
First quarter: (7200 + 216Rate of interest) - 2000
Remaining quarters: (7200 x Rate of interest x 3)/100
Final Answer:
First quarter: (7200 + 216Rate of interest) - 2000
Remaining quarters: (7200 x Rate of interest x 3)/100
Community Answer
P purchased a T.V. on hire purchase system. The cash price of tge T.V....
One quarterly interst is 3% is 216
|
Explore Courses for B Com exam
|
|
Similar B Com Doubts
P purchased a T.V. on hire purchase system. The cash price of tge T.V. was Rs.7200. He agrees to pay four quarterly installments of Rs. 2000 each. Calculate interest for each quarter.?
Question Description
P purchased a T.V. on hire purchase system. The cash price of tge T.V. was Rs.7200. He agrees to pay four quarterly installments of Rs. 2000 each. Calculate interest for each quarter.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about P purchased a T.V. on hire purchase system. The cash price of tge T.V. was Rs.7200. He agrees to pay four quarterly installments of Rs. 2000 each. Calculate interest for each quarter.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for P purchased a T.V. on hire purchase system. The cash price of tge T.V. was Rs.7200. He agrees to pay four quarterly installments of Rs. 2000 each. Calculate interest for each quarter.?.
P purchased a T.V. on hire purchase system. The cash price of tge T.V. was Rs.7200. He agrees to pay four quarterly installments of Rs. 2000 each. Calculate interest for each quarter.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about P purchased a T.V. on hire purchase system. The cash price of tge T.V. was Rs.7200. He agrees to pay four quarterly installments of Rs. 2000 each. Calculate interest for each quarter.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for P purchased a T.V. on hire purchase system. The cash price of tge T.V. was Rs.7200. He agrees to pay four quarterly installments of Rs. 2000 each. Calculate interest for each quarter.?.
Solutions for P purchased a T.V. on hire purchase system. The cash price of tge T.V. was Rs.7200. He agrees to pay four quarterly installments of Rs. 2000 each. Calculate interest for each quarter.? in English & in Hindi are available as part of our courses for B Com.
Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free.
Here you can find the meaning of P purchased a T.V. on hire purchase system. The cash price of tge T.V. was Rs.7200. He agrees to pay four quarterly installments of Rs. 2000 each. Calculate interest for each quarter.? defined & explained in the simplest way possible. Besides giving the explanation of
P purchased a T.V. on hire purchase system. The cash price of tge T.V. was Rs.7200. He agrees to pay four quarterly installments of Rs. 2000 each. Calculate interest for each quarter.?, a detailed solution for P purchased a T.V. on hire purchase system. The cash price of tge T.V. was Rs.7200. He agrees to pay four quarterly installments of Rs. 2000 each. Calculate interest for each quarter.? has been provided alongside types of P purchased a T.V. on hire purchase system. The cash price of tge T.V. was Rs.7200. He agrees to pay four quarterly installments of Rs. 2000 each. Calculate interest for each quarter.? theory, EduRev gives you an
ample number of questions to practice P purchased a T.V. on hire purchase system. The cash price of tge T.V. was Rs.7200. He agrees to pay four quarterly installments of Rs. 2000 each. Calculate interest for each quarter.? tests, examples and also practice B Com tests.
|
|
Explore Courses for B Com exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup