The price of a T.V. set worth Rs. 70000 is to be paid in 20 installments of Rs. 1000 each. If the rate of interest be 6% per annum, and the first installment be paid at the time of purchase, then the value of the last installment covering the interest as well will be?
Options:
(A) 22678
(B) 26699
(C) 69000
(D) 19000
(E) 26711 Stream of consciousness first, then make a decision:
Money paid in cash = Rs. 1000
Balance payment = (70000 - 1000) = Rs. 69000
Thus, the answer is (C).