Q5 of 94 Page 37

The cost price of a refrigerator is Rs. 16,800. Ranjith wants to buy the refrigerator at 0% finance scheme paying 3 E.M.I. in advance. A processing fee of 3% is also collected from Ranjith. Find the E.M.I. and the total amount paid by him for a period of 24 months.

cost price of a refrigerator (P) Rs. 16,800

No. of months (N) = 24


Interest = 0%


Processing Fess = 3%


E.M.I =


=


= 700


Given that 3 EMI are paid in advance


= 700 × 3


= 2,100


Processing fess is 3% of cost price


= × 16,800 = 504


Total amount to be paid = Initial payment + processing fees + cost


price


= 2,100 + 504 + 16,800


= 19,404


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