CA Foundation Exam > CA Foundation Questions > Vipul purchases a car for rs 550000 he gets l...
Start Learning for Free
Vipul purchases a car for rs 550000 he gets loan for 500000 at 15% per annum from a bank and balance rs 50000 he pays at a time of purchase. He has to pay whole amount of loan in 12 equal installments with interest starting from end of first month. The money he has to pay at the end of every month is?
Most Upvoted Answer
Vipul purchases a car for rs 550000 he gets loan for 500000 at 15% per...
Solution:
Given, cost of car = Rs. 550000
Loan amount = Rs. 500000
Balance payment = Rs. 50000
Loan details:
Rate of interest = 15% per annum
Loan tenure = 12 months
1. Calculation of Interest on Loan
Interest on loan for 12 months = 15/100 * 500000 = Rs. 75000
2. Calculation of Total Amount to be Repaid
Total amount to be repaid = Loan amount + Interest on loan = 500000 + 75000 = Rs. 575000
3. Calculation of Monthly Installment
Monthly installment = Total amount to be repaid / Loan tenure = 575000 / 12 = Rs. 47916.67
4. Calculation of First Month's Interest
Interest for the first month = 15/100 * (500000/12) = Rs. 6250
5. Calculation of First Month's Payment
First month's payment = Monthly installment + First month's interest = 47916.67 + 6250 = Rs. 54166.67
6. Calculation of Remaining Installments
For the remaining 11 months, the monthly installment will remain the same, i.e. Rs. 47916.67
7. Calculation of Total Payment for the Car
Total payment for the car = Loan amount + Balance payment + Total interest on loan = 500000 + 50000 + 75000 = Rs. 625000
Hence, Vipul has to pay Rs. 54166.67 at the end of the first month and Rs. 47916.67 at the end of each of the remaining 11 months. The total payment for the car will be Rs. 625000.
Given, cost of car = Rs. 550000
Loan amount = Rs. 500000
Balance payment = Rs. 50000
Loan details:
Rate of interest = 15% per annum
Loan tenure = 12 months
1. Calculation of Interest on Loan
Interest on loan for 12 months = 15/100 * 500000 = Rs. 75000
2. Calculation of Total Amount to be Repaid
Total amount to be repaid = Loan amount + Interest on loan = 500000 + 75000 = Rs. 575000
3. Calculation of Monthly Installment
Monthly installment = Total amount to be repaid / Loan tenure = 575000 / 12 = Rs. 47916.67
4. Calculation of First Month's Interest
Interest for the first month = 15/100 * (500000/12) = Rs. 6250
5. Calculation of First Month's Payment
First month's payment = Monthly installment + First month's interest = 47916.67 + 6250 = Rs. 54166.67
6. Calculation of Remaining Installments
For the remaining 11 months, the monthly installment will remain the same, i.e. Rs. 47916.67
7. Calculation of Total Payment for the Car
Total payment for the car = Loan amount + Balance payment + Total interest on loan = 500000 + 50000 + 75000 = Rs. 625000
Hence, Vipul has to pay Rs. 54166.67 at the end of the first month and Rs. 47916.67 at the end of each of the remaining 11 months. The total payment for the car will be Rs. 625000.
Community Answer
Vipul purchases a car for rs 550000 he gets loan for 500000 at 15% per...
550000-50000=500000
p=a/i[1-1/(1+i)raise to n]
500000=a/0.0125[1-1/(1+0.0125)raise to 12]
45129.15.....
as per option ≈45130.43
p=a/i[1-1/(1+i)raise to n]
500000=a/0.0125[1-1/(1+0.0125)raise to 12]
45129.15.....
as per option ≈45130.43
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
Vipul purchases a car for rs 550000 he gets loan for 500000 at 15% per annum from a bank and balance rs 50000 he pays at a time of purchase. He has to pay whole amount of loan in 12 equal installments with interest starting from end of first month. The money he has to pay at the end of every month is?
Question Description
Vipul purchases a car for rs 550000 he gets loan for 500000 at 15% per annum from a bank and balance rs 50000 he pays at a time of purchase. He has to pay whole amount of loan in 12 equal installments with interest starting from end of first month. The money he has to pay at the end of every month 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 Vipul purchases a car for rs 550000 he gets loan for 500000 at 15% per annum from a bank and balance rs 50000 he pays at a time of purchase. He has to pay whole amount of loan in 12 equal installments with interest starting from end of first month. The money he has to pay at the end of every month is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Vipul purchases a car for rs 550000 he gets loan for 500000 at 15% per annum from a bank and balance rs 50000 he pays at a time of purchase. He has to pay whole amount of loan in 12 equal installments with interest starting from end of first month. The money he has to pay at the end of every month is?.
Vipul purchases a car for rs 550000 he gets loan for 500000 at 15% per annum from a bank and balance rs 50000 he pays at a time of purchase. He has to pay whole amount of loan in 12 equal installments with interest starting from end of first month. The money he has to pay at the end of every month 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 Vipul purchases a car for rs 550000 he gets loan for 500000 at 15% per annum from a bank and balance rs 50000 he pays at a time of purchase. He has to pay whole amount of loan in 12 equal installments with interest starting from end of first month. The money he has to pay at the end of every month is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Vipul purchases a car for rs 550000 he gets loan for 500000 at 15% per annum from a bank and balance rs 50000 he pays at a time of purchase. He has to pay whole amount of loan in 12 equal installments with interest starting from end of first month. The money he has to pay at the end of every month is?.
Solutions for Vipul purchases a car for rs 550000 he gets loan for 500000 at 15% per annum from a bank and balance rs 50000 he pays at a time of purchase. He has to pay whole amount of loan in 12 equal installments with interest starting from end of first month. The money he has to pay at the end of every month is? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of Vipul purchases a car for rs 550000 he gets loan for 500000 at 15% per annum from a bank and balance rs 50000 he pays at a time of purchase. He has to pay whole amount of loan in 12 equal installments with interest starting from end of first month. The money he has to pay at the end of every month is? defined & explained in the simplest way possible. Besides giving the explanation of
Vipul purchases a car for rs 550000 he gets loan for 500000 at 15% per annum from a bank and balance rs 50000 he pays at a time of purchase. He has to pay whole amount of loan in 12 equal installments with interest starting from end of first month. The money he has to pay at the end of every month is?, a detailed solution for Vipul purchases a car for rs 550000 he gets loan for 500000 at 15% per annum from a bank and balance rs 50000 he pays at a time of purchase. He has to pay whole amount of loan in 12 equal installments with interest starting from end of first month. The money he has to pay at the end of every month is? has been provided alongside types of Vipul purchases a car for rs 550000 he gets loan for 500000 at 15% per annum from a bank and balance rs 50000 he pays at a time of purchase. He has to pay whole amount of loan in 12 equal installments with interest starting from end of first month. The money he has to pay at the end of every month is? theory, EduRev gives you an
ample number of questions to practice Vipul purchases a car for rs 550000 he gets loan for 500000 at 15% per annum from a bank and balance rs 50000 he pays at a time of purchase. He has to pay whole amount of loan in 12 equal installments with interest starting from end of first month. The money he has to pay at the end of every month is? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation 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
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup