The cost of a dining table is Rs. 8,400. Venkat wants to buy it in 10 instalments. If the company offers it for a S.I. of 5% p. a., find the E.M.I. and the total amount paid by him.
Cost price of dining table = 8,400
No. of installments = 10
So, n =
years
Rate of Interest = 5%
Interest = p× N × ![]()
=
× 8,400 × ![]()
= 350
Total amount to be paid = interest + cost price
= 350 + 8,400
= 8,750
E.M.I = ![]()
= ![]()
= 875
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