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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.?
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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
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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.?
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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.?.
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