Question
Download Solution PDFA car with a price of ₹6,50,000 is bought by making some down payment. On the balance, a simple interest of 10% is charged in lump sum and the money is to be paid in 20 equal annual instalments of ₹25,000. How much is the down payment?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A car with a price of ₹6,50,000 is bought by making some down payment. On the balance, a simple interest of 10% is charged in lump sum and the money is to be paid in 20 equal annual instalments of ₹25,000.
Concept used:
Amount becomes in lump sum = P(1 + R%)
P = Principal
R = Rate of interest
Calculation:
Let the downpayment be of Rs. X.
According to the question,
(650000 - X) × (1 + 10%) = 25000 × 20
⇒ (650000 - X) × (1 + 10%) = 500000
⇒ (650000 - X) = 500000 ÷ (1 + 10%)
⇒ (650000 - X) ≈ 454545.45
⇒ X ≈ 650000 - 454545
⇒ X ≈ 195455
∴ The downpayment was Rs. 195455.
Last updated on Jun 13, 2025
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