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The cash price of a micro ware oven is R's. 20100 it this is available for Rs. 3700 cash down Payment with two equal monthly installment at 20% annual rate of interest then find the amount of each installment. ,
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The cash price of a micro ware oven is R's. 20100 it this is available...
Calculation of Installment Amount for a Microwave Oven
Given:
- Cash price of the microwave oven = Rs. 20,100
- Cash down payment = Rs. 3,700
- Number of installments = 2
- Annual rate of interest = 20%
Step 1: Calculate the Loan Amount
The loan amount is the cash price of the microwave oven minus the cash down payment.
Loan Amount = Cash Price - Cash Down Payment
Loan Amount = Rs. 20,100 - Rs. 3,700
Loan Amount = Rs. 16,400
Step 2: Calculate the Interest Amount
The interest amount is calculated using the formula: Interest Amount = (Loan Amount * Annual Rate of Interest * Time) / 100
Here, the time is in years. Since the installments are monthly, the time is 2/12 years.
Interest Amount = (Loan Amount * Annual Rate of Interest * Time) / 100
Interest Amount = (Rs. 16,400 * 20% * 2/12) / 100
Interest Amount = Rs. 54.67
Step 3: Calculate the Total Amount to be Paid
The total amount to be paid is the loan amount plus the interest amount.
Total Amount = Loan Amount + Interest Amount
Total Amount = Rs. 16,400 + Rs. 54.67
Total Amount = Rs. 16,454.67
Step 4: Calculate the Installment Amount
The installment amount is calculated by dividing the total amount to be paid by the number of installments.
Installment Amount = Total Amount / Number of Installments
Installment Amount = Rs. 16,454.67 / 2
Installment Amount = Rs. 8,227.34
Conclusion:
Each installment for the microwave oven will be Rs. 8,227.34. The total amount to be paid, including the loan amount and interest, is Rs. 16,454.67.
Given:
- Cash price of the microwave oven = Rs. 20,100
- Cash down payment = Rs. 3,700
- Number of installments = 2
- Annual rate of interest = 20%
Step 1: Calculate the Loan Amount
The loan amount is the cash price of the microwave oven minus the cash down payment.
Loan Amount = Cash Price - Cash Down Payment
Loan Amount = Rs. 20,100 - Rs. 3,700
Loan Amount = Rs. 16,400
Step 2: Calculate the Interest Amount
The interest amount is calculated using the formula: Interest Amount = (Loan Amount * Annual Rate of Interest * Time) / 100
Here, the time is in years. Since the installments are monthly, the time is 2/12 years.
Interest Amount = (Loan Amount * Annual Rate of Interest * Time) / 100
Interest Amount = (Rs. 16,400 * 20% * 2/12) / 100
Interest Amount = Rs. 54.67
Step 3: Calculate the Total Amount to be Paid
The total amount to be paid is the loan amount plus the interest amount.
Total Amount = Loan Amount + Interest Amount
Total Amount = Rs. 16,400 + Rs. 54.67
Total Amount = Rs. 16,454.67
Step 4: Calculate the Installment Amount
The installment amount is calculated by dividing the total amount to be paid by the number of installments.
Installment Amount = Total Amount / Number of Installments
Installment Amount = Rs. 16,454.67 / 2
Installment Amount = Rs. 8,227.34
Conclusion:
Each installment for the microwave oven will be Rs. 8,227.34. The total amount to be paid, including the loan amount and interest, is Rs. 16,454.67.
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The cash price of a micro ware oven is R's. 20100 it this is available...
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