Exams › SSC CGL (Prelims) › General
A laptop is available for ₹25,800 in cash or for ₹4,200 as a down payment and three equal annual instalments. If the seller charges interest at 12% per annum compounded annually, calculate the amount of each instalment.
- ₹ 8,993
- ₹ 9,150
- ₹ 9,452
- ₹ 9,720
Correct answer: ₹ 8,993
Solution
The financed amount is ₹25,800 - ₹4,200 = ₹21,600. Let each instalment be ₹x paid at the end of years 1, 2, and 3; its present value is \(\frac{x}{1.12}+\frac{x}{1.12^2}+\frac{x}{1.12^3}\). Equating this to ₹21,600 and solving gives \(x \approx ₹8,993\).
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