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Jairam Purchased a house in RS. 15000 And Paid RS. 5000 at once. Rest Money He Promised To Pay in annual installment of RS. 1000 with 10% per annum interest. How much money is to be paid by Jairam a) RS. 21,555      b) RS. 20,475      c) RS. 20,500      d) RS. 20,700
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Asked by aliencpr31 | 27 Jul, 2019, 10:08: AM
answered-by-expert Expert Answer
Money paid = Rs. 5000
To be paid = Rs. 10000 in installments
He pays Rs. 1000 in each annual installment with 10% interest 
So, he pays the rest amount in 10 years
Interest for the 1st year = fraction numerator 10000 cross times 1 cross times 10 over denominator 100 end fraction equals 1000
Interest for the 2nd year = fraction numerator left parenthesis 10000 minus 1000 right parenthesis cross times 1 cross times 10 over denominator 100 end fraction equals fraction numerator 9000 cross times 1 cross times 10 over denominator 100 end fraction equals 900
Similarly, for rest of the years
Total interest paid = 1000+900+800+...+100=5500
Total money paid=10000+5500+5000=Rs. 20,500

Answered by Renu Varma | 29 Jul, 2019, 09:49: AM

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