"One can purchase a flat from a house building society for Rs 55000 cash or on the terms that he
Channel: Doubtnut
Date: 2020-04-05

"One can purchase a flat from a house building society for Rs 55000 cash or on the terms that he should pay Rs 4275 as cash down payment and the rest in three equal instalments. The society charges interest at the rate of 16% per annum compounded half-yearly. If the flat is purchased under instalment plan, find the value of each instalment.(a) Rs 18756 (b) Rs 19292 (c) Rs 19683 (d) Rs 20285"