Find the total cost of the shop of arithmetic progressions, Mathematics

Raghav buys a shop for Rs.1,20,000.He pays half the balance of the amount in cash and agrees to pay the balance in 12 annual instalments of Rs.5000 each. If the rate of interest is 12% and he pays with the instalment the interest due for the unpaid amount. Find the total cost of the shop.

Ans:    Balance = Rs.60,000 in 12 instalment of Rs.5000 each.

Amount of I instalment  = 5000 +(12/100) 60,000

II instalment = 5000 + (Interest on unpaid amount)

= 5000 + 6600[12/100x55000]

= 11600

 

III instalment  = 5000 + (Interest on unpaid amount of Rs.50,000)

∴ AP is 12200, 11600, 11000

D = is 600

Cost of shop = 60000 + [sum of 12 instalment]

= 60,000 + 12/2 [24,400-6600]

= 1,66,800

Posted Date: 4/8/2013 5:27:21 AM | Location : United States







Related Discussions:- Find the total cost of the shop of arithmetic progressions, Assignment Help, Ask Question on Find the total cost of the shop of arithmetic progressions, Get Answer, Expert's Help, Find the total cost of the shop of arithmetic progressions Discussions

Write discussion on Find the total cost of the shop of arithmetic progressions
Your posts are moderated
Related Questions
Financial institutions often create synthetic instruments out of existing instruments.  In this case an investment bank plans to buy Treasury Bonds with 20-year maturities at their

A conical vessel of radius 6cm and height 8cm is completely filled with water. A sphere is lowered into the water and its size is such that when it touches the sides, it is just im

Weighted mean - It is the mean which employs arbitrarily given weights - This is a useful measure especially whereas assessment is being done yet the situation prevailing a



A long distance calls costs x cents for the first minute and y cents for every additional minute. How much would a 5-minute call cost? The cost of the call is x cents plus y ti


#question.prove that the diagonals of a trapezium divide each other proportionally .

1. Simon's monthly take home pay (after taxes) is $2200, if he pays 19%  of his gross pay(before taxex) in tax, what is his gross pay? 2 . Convert the following quantities to th