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Calculation of installments

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(Querist)
22 June 2012 DEAR FRIENDS,

I GAVE A COMPETITIVE EXAM IN LAST SUNDAY. THERE WAS QUESTION IN THE QUESTION PAPER.BUT I COULD NOT SOLVE IT AS MY KNOWLEDGE WAS NOT WORTH ABOUT THE TOPIC. I HOPE ANY MEMBER OF CCI FORUM COULD SOLVE IT.THE QUESTION WAS... AN ITEM IS AVAILABLE IN RS. 6000 AND IT CAN BE BOUGHT BY PAYING RS. 2000 AS CASH DOWN PAYMENT AND REMAINING IN THREE EQUAL INSTALMENTS. IF THE RATE OF THE INTEREST IS 12 PERCENT PER ANNUM .FIND THE AMOUNT OF EACH INSTALMENTS.

REGARDS
SANTOSH SHARMA
Accounts Executive.
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Sanjay Chauhan (IFRS)

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Sanjay Chauhan (IFRS) (Expert)
23 June 2012 If the instalment is annual then the EMI is as follows:

12%
Period Interest Instalment o/s
0 6,000.00
0 2,000.00 4,000.00
1 480.00 1,026.93 2,493.07
2 299.17 1,026.93 1,166.97
3 140.04 1,026.93 -


If it is monthly then :
1%
Period Interest Instalment o/s
0 6,000.00
0 2,000.00 4,000.00
1 40.00 1,306.76 2,653.24
2 26.53 1,306.76 1,319.96
3 13.20 1,306.76 (0.00)
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CA.Sourabh Sethia

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CA.Sourabh Sethia (Expert)
25 June 2012 If The Installment is monthly it is Rs. 1360.08

If the Installment is Yearly it is Rs.1665.39
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