Math problem Please help

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.

Easy Math Editor

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Math	Appears as
Remember to wrap math in `$` ... `$` or `\[` ... `\]` to ensure proper formatting.
`2 \times 3`	$2 \times 3$
`2^{34}`	$2^{34}$
`a_{i-1}`	$a_{i-1}$
`\frac{2}{3}`	$\frac{2}{3}$
`\sqrt{2}`	$\sqrt{2}$
`\sum_{i=1}^3`	$\sum_{i=1}^3$
`\sin \theta`	$\sin \theta$
`\boxed{123}`	$\boxed{123}$

Comments

@Calvin Lin @megh choksi @Deepanshu Gupta @Pranav Arora

Please Help!!!!!!!!!!!!!Fast

Rajdeep Dhingra - 6 years, 4 months ago

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

Prasun Biswas - 6 years, 4 months ago

Monthly installments

Rajdeep Dhingra - 6 years, 4 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?

Prasun Biswas - 6 years, 4 months ago

@Prasun Biswas – Simple

Rajdeep Dhingra - 6 years, 4 months ago

@Rajdeep Dhingra – Great! I'm on it. :)

Prasun Biswas - 6 years, 4 months ago

Math	Appears as
Remember to wrap math in `\(` ... `\)` or `\[` ... `\]` to ensure proper formatting.
`2 \times 3`	$2 \times 3$
`2^{34}`	$2^{34}$
`a_{i-1}`	$a_{i-1}$
`\frac{2}{3}`	$\frac{2}{3}$
`\sqrt{2}`	$\sqrt{2}$
`\sum_{i=1}^3`	$\sum_{i=1}^3$
`\sin \theta`	$\sin \theta$
`\boxed{123}`	$\boxed{123}$