Question

The cost of a TV is Rs. $\mathrm{36,000}$. Manoj decides to pay it in $8$ instalments at $12\%$ simple interest p.a. Calculate his monthly E.M.I and the total amount paid by him.

• A. Rs. $\mathrm{5,040}$, Rs. $\mathrm{40,320}$
• B. Rs. $\mathrm{3,240}$, Rs. $\mathrm{40,320}$
• C. Rs. $\mathrm{3,240}$, Rs. $\mathrm{38,880}$
• D. Rs. $\mathrm{4,860}$, Rs. $\mathrm{38,880}$

Answer 1

The correct option is A Rs. $\mathrm{5,040}$, Rs. $\mathrm{40,320}$

$\Rightarrow$ Cost of T.V is $Rs.36,000$

$\Rightarrow$ So, $P=Rs.36,000,T=1year$ and $R=12\%$

$\Rightarrow$ $I=\frac{P\times R\times T}{100}=\frac{36000\times 12\times 1}{100}=Rs.4320$

$\Rightarrow$ Total amount paid by Manoj = Cost price + Interest = $Rs.36,000+4,320=Rs.40,320$.

$\Rightarrow$ $E.M.I=\frac{40320}{8}=Rs.5,040$

$\therefore$ Manoj monthly E.M.I is $Rs.5,040$ and total amount of T.V is $Rs.40,320.$