The price of a T.V. set worth ₹ 20,000 is to be paid in 20 instalments of ₹ 1000 each. If the rate of interest be 6\% per annum, and the first instalment be paid at the time of purchase, then the value of the last instalment covering the interest as well will be :
(a)₹ 1050
(b)₹ 2050
(c)₹ 3000
(d)None of these
Answer
Answer (as printed): D
Explanation
Money paid in cash $=₹ 1000$. Balance payment $=₹(20000-1000)=₹ 19000$.
Explanation as extracted from the printed page; notation may be imperfect.