1.Raman purchases a motor car from Bharathan whose cash price is Rs. 56,000 on

11.93. Rs. 15,000 is paid on signing the contract and the balance is to be paid in three

equal annual instalments of Rs. 15,000 each. The rate of interest is 5% per annum

Calculate the amount of interest included in each instalment.

Answer rating: 100% (QA)

To calculate the amount of interest included in each installment we can use the concept of amortizat... View the full answer