8th Grade Olympiad Sum!
The price of a T.V set worth Rs. 20,000 is to be paid in 20 installments of Rs. 1,000 each. If the rate of interest be 6% per annum and the first installment be paid at the time of purchase, then what is the value of the last installment covering the interest as well? Which of these is the wrong answer: 1050 or 19000? Write solutions pls!
The answer is 1050.
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Amount Paid = 1000, Balance Payment = 20000- 1000 = 19000