The cash price of a television is Rs. 4022. A customer paid Rs. 1500 in cash and promised to pay the remaining money in 3 monthly equal instalments at the rate of 5% per annum compound interest. What is the value of each instalment?
Option 1 : Rs. 926.10 Option 2 : Rs. 903.33 Option 3 : Rs. 928.30 Option 4 : Rs. 940.50

• Ans is (A) 926.10
  
  there is a equation to solve such kind of problem i read in a book which is
  when you have to pay an amount of X in N equal installment than amount of each installment will be?..
  let assume each installment amount is than,
  
  X= [ Y / ( 1+(r/100)) ] + [ Y / ( 1+(r/100))^2 ] + [ Y / ( 1+(r/100))^3 ] .......... upto N terms [ Y / ( 1+(r/100)) ^N ]
  
  here X=2522,
  
  2522= [y / ( 1+(5/100) )] + [y / ( 1+(5/100)^2 )] + [y / ( 1+(5/100)^3 )]
  
  y= 926.10
  
  
• 8 years agoHelpfull: Yes(17) No(6)
• x/(20/21) + x/(20/21)^2 + x/(20/21)^3 = 2522
  here x is the monthly installment.
  20/21= (1+r/100)
  x=926.10
• 11 years agoHelpfull: Yes(9) No(35)
• kvita dalmia please explain it in proper way so that we can understand it
• 8 years agoHelpfull: Yes(8) No(5)
• ans is a 926.10
• 11 years agoHelpfull: Yes(2) No(19)
• ans is 926.10
• 5 years agoHelpfull: Yes(1) No(1)