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A ceiling fan is marked Rs.1940 cash or ...

A ceiling fan is marked Rs.1940 cash or for Rs. 420 cash down payment followed by three equal monthly instalments. If the rate of interest charged under the instalment plan is 16% per annum, find the monthly instalment.

Text Solution

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Market price=1940Rs
Down payment=420Rs
Let monthly installment=xRs
Total price=(3x_420)Rs
Intersect=(3x+420)-1940
(3x-1520)Rs
Buyer owes to seller in 1 month=1520Rs
Buyer owes to sellers in 2 months=1520-x
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