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Question

# Volkswagen decides to sell its best-selling car under following different schemes:SchemeSelling PriceInitialPaymentProcessingFeeRate ofInterestDuration80% FinanceRs. 4,00,00020%0.5%10%2 years100% FinanceRs. 4,00,0000%1%12.5%1 years0% InterestRs. 4,00,0003 EMIsin advance1%0%2 yearsWhat is the total amount that need to be paid in the 100% Finance Scheme?

A
Rs. 4,34,000
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B
Rs. 4,67,000
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C
Rs. 4,54,000
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D
Rs. 4,27,000
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Solution

## The correct option is C Rs. 4,54,000For 100% finance scheme:Processing fee=1% of 4,00,000=Rs. 4,000Initial payments=0%=0SI=PRT100=4,00,000×12.5×1100=Rs. 50,000Hence, total amount that need to be paid isRs. (4,00,000+50,000+4,000)=Rs. 4,54,000

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