Q4 of 94 Page 37

The cost of a microwave oven is Rs. 6,000. Poorani wants to buy it in 5 instalments. If the company offers it at the rate of 10% p. a. Simple Interest, find the E.M.I. and the total amount paid by her.

Cost of microwave (P) = 6,000

Rate of interest (R) = 10%


No. of installments (N) = 5 months = years


Interest = p× N ×


= 6,000 ××


= 250


Total amount to be paid for microwave oven = 6000 + 250


= 6250


Amount to be paid on every installment = = 1,250


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