Question

The cost of a microwave oven is Rs. $6,000$. Poorani wants to buy it in $5$ installments. If the company offers it at the rate of $10$% p.a. Simple Interest, find the E.M.I. and the total amount paid by her.

Answer 1

$Costofmicrowave=P=6000$

$Time\left(T\right)=5months$

$=\frac{5}{12}years$

$Rateofinterest=10$

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

$=\frac{(6000\times \frac{5}{12}\times 10)}{100}$

$=Rs250$

$Totalamountpaidforoven=P+I$

$=6000+250$

$=Rs6250$

$Numberofinstallments=5$

$\therefore EMI=\frac{6250}{5}$

$=Rs1250$

$HenceEMI=Rs1250andthetotalamountpaid=Rs6250$