Monika buys a Samsung’s 360 litre refrigerator from M/s Coldrush Agencies for ₹42,000. She makes a down payment of ₹12,000 and the remaining amount in 4 equal half yearly instalments. If M/s Coldrush Agencies charge an interest of 10% per annum, approximately what amount Monika has to pay every six months?
Explanation:
Cost of refrigerator = Rs. 42000. Down payment = Rs. 12000. Loan amount for Monika = 42000 − 12000 = Rs. 30,000.
Interest charged every six months = 10/2 = 5%
∴ 30000 × 1.054 = x × 1.053 + x × 1.052 + x × 1.05 + x.
∴ 36465 = 4.31x
∴ x ≈ 8460.
Hence option (c).
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