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The price of the new IPAD tablet is Rs. 40,000. A customer purchased an IPAD in a scheme, where he paid Rs. 8,000 in cash as down payment and remaining amount in 3 equal monthly installments at an interest rate of 120% p. a. compounded monthly. The three installments are paid at the end of the month for three consecutive months. The value of each installment (in Rupees) is
- a)11,933.33
- b)12,144.44
- c)12,455.56
- d)12,867.67
- e)13,291.89
Correct answer is option 'D'. Can you explain this answer?
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The price of the new IPAD tablet is Rs. 40,000. A customer purchased a...
Solution: Let k be that value of each installment.
The remaining amount after the down payment = 40,000 - 8,000 = Rs. 32,000 The interest is compounded monthly.
Effective Rate = (120/12)% = 10% At the end of the first month, the amount increases to 32,000 x 1.1 = 35,200.
The remaining amount after the down payment = 40,000 - 8,000 = Rs. 32,000 The interest is compounded monthly.
Effective Rate = (120/12)% = 10% At the end of the first month, the amount increases to 32,000 x 1.1 = 35,200.
After the payment of the first installment, the amount = 35,200 - k. At the end of the second month, the amount increases to (35,200 - k ) x 1.1 = 38,720 - 1.1k. Amount after the second installment = 38,720 - 1.1 k - k = 38,720 - 2.1k.
At the end of the third month, the amount increases to (38,720 - 2 .1k )x 1.1 = 42 ,592 - 2.31k The third installment, i.e., the last installment, is same as the amount at the end of the third month. k = 42,592 -2.31 k Solving this, we get k = 12867.67 Hence, option 4.
At the end of the third month, the amount increases to (38,720 - 2 .1k )x 1.1 = 42 ,592 - 2.31k The third installment, i.e., the last installment, is same as the amount at the end of the third month. k = 42,592 -2.31 k Solving this, we get k = 12867.67 Hence, option 4.
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The price of the new IPAD tablet is Rs. 40,000. A customer purchased a...
Solution: Let k be that value of each installment.
The remaining amount after the down payment = 40,000 - 8,000 = Rs. 32,000 The interest is compounded monthly.
Effective Rate = (120/12)% = 10% At the end of the first month, the amount increases to 32,000 x 1.1 = 35,200.
The remaining amount after the down payment = 40,000 - 8,000 = Rs. 32,000 The interest is compounded monthly.
Effective Rate = (120/12)% = 10% At the end of the first month, the amount increases to 32,000 x 1.1 = 35,200.
After the payment of the first installment, the amount = 35,200 - k. At the end of the second month, the amount increases to (35,200 - k ) x 1.1 = 38,720 - 1.1k. Amount after the second installment = 38,720 - 1.1 k - k = 38,720 - 2.1k.
At the end of the third month, the amount increases to (38,720 - 2 .1k )x 1.1 = 42 ,592 - 2.31k The third installment, i.e., the last installment, is same as the amount at the end of the third month. k = 42,592 -2.31 k Solving this, we get k = 12867.67 Hence, option 4.
At the end of the third month, the amount increases to (38,720 - 2 .1k )x 1.1 = 42 ,592 - 2.31k The third installment, i.e., the last installment, is same as the amount at the end of the third month. k = 42,592 -2.31 k Solving this, we get k = 12867.67 Hence, option 4.
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The price of the new IPAD tablet is Rs. 40,000. A customer purchased an IPAD in a scheme, where he paid Rs. 8,000 in cash as down payment and remaining amount in 3 equal monthly installments at an interest rate of 120% p. a. compounded monthly. The three installments are paid at the end of the month for three consecutive months. The value of each installment (in Rupees) isa)11,933.33b)12,144.44c)12,455.56d)12,867.67e)13,291.89Correct answer is option 'D'. Can you explain this answer?
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The price of the new IPAD tablet is Rs. 40,000. A customer purchased an IPAD in a scheme, where he paid Rs. 8,000 in cash as down payment and remaining amount in 3 equal monthly installments at an interest rate of 120% p. a. compounded monthly. The three installments are paid at the end of the month for three consecutive months. The value of each installment (in Rupees) isa)11,933.33b)12,144.44c)12,455.56d)12,867.67e)13,291.89Correct answer is option 'D'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about The price of the new IPAD tablet is Rs. 40,000. A customer purchased an IPAD in a scheme, where he paid Rs. 8,000 in cash as down payment and remaining amount in 3 equal monthly installments at an interest rate of 120% p. a. compounded monthly. The three installments are paid at the end of the month for three consecutive months. The value of each installment (in Rupees) isa)11,933.33b)12,144.44c)12,455.56d)12,867.67e)13,291.89Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The price of the new IPAD tablet is Rs. 40,000. A customer purchased an IPAD in a scheme, where he paid Rs. 8,000 in cash as down payment and remaining amount in 3 equal monthly installments at an interest rate of 120% p. a. compounded monthly. The three installments are paid at the end of the month for three consecutive months. The value of each installment (in Rupees) isa)11,933.33b)12,144.44c)12,455.56d)12,867.67e)13,291.89Correct answer is option 'D'. Can you explain this answer?.
The price of the new IPAD tablet is Rs. 40,000. A customer purchased an IPAD in a scheme, where he paid Rs. 8,000 in cash as down payment and remaining amount in 3 equal monthly installments at an interest rate of 120% p. a. compounded monthly. The three installments are paid at the end of the month for three consecutive months. The value of each installment (in Rupees) isa)11,933.33b)12,144.44c)12,455.56d)12,867.67e)13,291.89Correct answer is option 'D'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about The price of the new IPAD tablet is Rs. 40,000. A customer purchased an IPAD in a scheme, where he paid Rs. 8,000 in cash as down payment and remaining amount in 3 equal monthly installments at an interest rate of 120% p. a. compounded monthly. The three installments are paid at the end of the month for three consecutive months. The value of each installment (in Rupees) isa)11,933.33b)12,144.44c)12,455.56d)12,867.67e)13,291.89Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The price of the new IPAD tablet is Rs. 40,000. A customer purchased an IPAD in a scheme, where he paid Rs. 8,000 in cash as down payment and remaining amount in 3 equal monthly installments at an interest rate of 120% p. a. compounded monthly. The three installments are paid at the end of the month for three consecutive months. The value of each installment (in Rupees) isa)11,933.33b)12,144.44c)12,455.56d)12,867.67e)13,291.89Correct answer is option 'D'. Can you explain this answer?.
Solutions for The price of the new IPAD tablet is Rs. 40,000. A customer purchased an IPAD in a scheme, where he paid Rs. 8,000 in cash as down payment and remaining amount in 3 equal monthly installments at an interest rate of 120% p. a. compounded monthly. The three installments are paid at the end of the month for three consecutive months. The value of each installment (in Rupees) isa)11,933.33b)12,144.44c)12,455.56d)12,867.67e)13,291.89Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for CAT.
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