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Ali buys a used guitar for 24,000. If Ali pays 6,000 ,he has to borrow the balance at 12% p. a simple interest over 3 years . What is his monthly repayment ?
[ Hint: Monthly repayments= $\frac {Amount}{ 36 months}$]
Given:
Cost price of the Guitar = Rs. 24000
Down payment = Rs. 6000
Rate of interest = 12%
Time = 3 years
To find :
We have to find the amount to be paid every month.
Solution :
Principal to be paid = Rs. 24000$-$6000 = Rs. 18000
Total amount to be paid  = P $+$ $\frac{PTR}{100}$
= Rs. 18000 $+$ $\frac{18000\times3\times12}{100}$
= Rs. 18000 $+$ $180\times36$
= Rs. 18000$+$6480
= Rs. 24480
The amount to be paid monthly = Rs. $\frac{24480}{36}$
The amount to be paid monthly = Rs. 680.