Question

The cost of a dining table is Rs. $8,400$. Venkat wants to buy it in $10$ installments. If the company offers it for a S.I. of $5$% p.a., find the E.M.I. and the total amount paid by him.

Answer 1

$Costofdiningtable=Rs8400$

$Numberofinstallment=10$

$Rate\left(R\right)ofinterest=5\%$

$I=\frac{P\times R\times T}{100}$

$ButT=\frac{no.Ofinstallment}{12}$

$\therefore I=\frac{(8400\times \frac{10}{12}\times 5)}{100}$

$=Rs350$

$\therefore totalamount\left(A\right)=8400+350$

$=8750$

$\therefore EMI=\frac{A}{no.ofinstallment}$

$=\frac{8750}{10}$

$=Rs875$

$\therefore EMI=Rs875$

$Totalamountpaid=Rs8750$