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A sofa set is available for Rs. 48,500 cash or for Rs. 10,500 cash down payment followed by three equal monthly installments. If the rate of interest charged under installment plan is 16%p.a., then what is the monthly payment, interest being simple?

A sofa set is available for Rs. 48,500 cash or for Rs. 10,500 cash down payment followed by three equal monthly installments. If the rate of interest charged under installment plan is 16%p.a., then what is the monthly payment, interest being simple? Correct Answer Rs. 13,000

Given:

A sofa set is available for Rs. 48,500 cash or 

For Rs. 10,500 cash down payment followed by three equal monthly installments

The rate of interest charged under the installment plan = 16% p.a

Calculation:

Let the equal monthly installment be Rs. x

Cash Payment = Rs. 10500

Remaining amount to be paid = Rs. 48500 - 10500

⇒ Rs. 3800

Interest paid at the end of 1st month

⇒ /100

⇒ 15200/300

Principal for 2nd Month = (3800 - x)

Interest for 2nd month  

⇒ /100

⇒ 4(3800 - x)/300

Principal for 3rd Month = (3800 - 2x)

Interest for 3rd month  

⇒ /100

⇒ 4(3800 - 2x)/300

Now, According to the question 

3x = 3800 + 15200/300 + 4(3800 - x)/300 + 4(3800 - 2x)/300

⇒ (3x - 3800) × 300 =

⇒ 900x - 3800 × 300 = 45600 - 12x

⇒ 912x = 1185600

⇒ x = 1300

∴ The amount of equal installment is 1300.

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