Question
Arjun acquired a smartphone with a price tag of Rs.
18,000. For the initial payment, he paid Rs. 2,160. The remainder was to be paid in two equal installments, but with a twist. The installments were subject to compound interest at a rate of 20% per annum, compounded annually. Calculate the value of each installment.Solution
ATQ, Amount due after down payment = 18000 – 2160 = Rs. 15,840 Let the amount of each instalment be Rs. ‘a’ Amount to be paid at the end of 1st year = 1.2 × 15840 = Rs. 19,008 According to the question, 1.2 × (19008 – a) = a Or, 1.2 × 19008 – 1.2a = a Or, 2.2a = 1.2 × 19008 Or, a = {(1.2 × 19008)/2.2} = 10368 Therefore, each installment = Rs.10,368
Which section of the Information Technology Act, 2000 lays down provision related to validity of contracts formed through electronic means?
Where immoveable property of one person is by act of parties or operation of law made security for the payment of money to another, and the transaction ...
Criminal Conspiracy as per IPC means_________________
A mortgagor has right to inspect any document of title in the custody or power of mortgagee ________.
What do the Articles of a Company primarily contain?
Under the Act, which of the following statements accurately describe the entitlement to legal services?
If the court wants to form an opinion as to any law contained in any Bare act, the opinion shall be relevant? If yes under which section of the Indian E...
Under limitation Act applicant includes:
As per the Contract Act reasonable time for the performance of a contract is a ______________
What is the definition of "wrongful gain"?
Relevant for Exams:
