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A car is available for ₹4,98,200 cash payment on ₹60,000 cash down payment followed by three equal annual installments of the rate of interest charged is 14% per annum compounded yearly. This total interest changed is the instalment plans is (Given P (3,0.14) = 2.32163)?
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A car is available for ₹4,98,200 cash payment on ₹60,000 cash down pay...
Calculation of Total Interest Charged in Instalment Plan
- Given:
- Cash price of car (P) = ₹4,98,200
- Cash down payment = ₹60,000
- Interest rate (r) = 14% per annum
- Number of installments (n) = 3
- Compound interest factor (P (n,r)) = 2.32163
- Calculation of Loan Amount:
- Loan amount = Cash price - Down payment
- Loan amount = ₹4,98,200 - ₹60,000
- Loan amount = ₹4,38,200
- Calculation of Annual Installment:
- Using the formula: Installment = Loan amount / P (n,r)
- Installment = ₹4,38,200 / 2.32163
- Installment ≈ ₹1,89,026.59
- Calculation of Total Interest:
- Total interest = (Total amount paid on instalments) - Loan amount
- Total amount paid on instalments = Installment * n
- Total amount paid on instalments = ₹1,89,026.59 * 3
- Total amount paid on instalments = ₹5,67,079.77
- Total interest = ₹5,67,079.77 - ₹4,38,200
- Total interest ≈ ₹1,28,879.77
Therefore, the total interest charged in the instalment plan is approximately ₹1,28,879.77.
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A car is available for ₹4,98,200 cash payment on ₹60,000 cash down payment followed by three equal annual installments of the rate of interest charged is 14% per annum compounded yearly. This total interest changed is the instalment plans is (Given P (3,0.14) = 2.32163)?
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A car is available for ₹4,98,200 cash payment on ₹60,000 cash down payment followed by three equal annual installments of the rate of interest charged is 14% per annum compounded yearly. This total interest changed is the instalment plans is (Given P (3,0.14) = 2.32163)? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about A car is available for ₹4,98,200 cash payment on ₹60,000 cash down payment followed by three equal annual installments of the rate of interest charged is 14% per annum compounded yearly. This total interest changed is the instalment plans is (Given P (3,0.14) = 2.32163)? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A car is available for ₹4,98,200 cash payment on ₹60,000 cash down payment followed by three equal annual installments of the rate of interest charged is 14% per annum compounded yearly. This total interest changed is the instalment plans is (Given P (3,0.14) = 2.32163)?.
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