A man buys a scooter on making a cash down payment of Rs. 16224 and promises to pay two more yearly installments of equivalent amount in next two years. If the rate of interest is 4% per annum, compounded yearly, the cash value of the scooter, is:

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Asked: January 3, 20222022-01-03T16:30:30+05:30 2022-01-03T16:30:30+05:30Category: Number Puzzles

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Mighty Ashish · Answer 1 · 2022-01-03T16:30:56+05:30

Explanation:

Time = 2 years,

Rate % = 4 %

=125=26→Installment\25→Amount

Amount Installment

1styear→25×26 : 26×26

2ndyear→625 676

NOTE: Installment is same in both cases.Hence equal the installment.

Hence after that new ratio,

According to the question,

676 units = Rs. 16224

1 unit = 24

1275 units = 24×1275

= Rs. 30600

Total amount = Rs. (30600+16224) = Rs. 46824