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The price of a T.V. set worth $20,000 is to be paid in 20 installments of$1000 each. If the rate of interest be 6% per annum and the first installment be paid at the time of purchase, then the value of the last installment covering the interest as well will be. please also give the solution.

Note by Rajdeep Dhingra
2 years, 10 months ago

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Monthly installments? Yearly installments? Quarterly installments? Please specify what you meant in the problem clearly so as to avoid ambiguity!

- 2 years, 10 months ago

Monthly installments

- 2 years, 10 months ago

Ok, let me see if I can solve it. I have physics tuition in the evening, so if I post a solution, it'd be after 7 p.m or so.

The problem looks easy, but you know what they say, "Looks can be deceiving." :)

Also, could you state the nature of interest? Simple or compound?

- 2 years, 10 months ago

Simple

- 2 years, 10 months ago

Great! I'm on it. :)

- 2 years, 10 months ago