Consumer Arithmetic >> Interest

Emi for a computer - Interest - Consumer Arithmetic problem solver

The cost of a computer is Rs. 18000 (principal). SoftInfo company collects 5 % interest rate for hire purchase. Calculate the installment (emi) fixed by the company for 3 years terms.


principal = 18000
rate = 5
terms = 3
SI =  ( P * n * r ) / 100
simple interest = ( 18000 * 3 * 5 ) / 100
simple interest = 2700
simple interest = 2700
simple interest = 2700
tc =  P + SI
total cost = 18000 + 2700
total cost = 20700
So the total cost is 20700
total cost = 20700
emi =  tc / ( n * 12 )
emi = 20700 / ( 3 * 12 )
emi = 575
So the emi is 575

Interest Formulas :

CI =  pow( P * ( 1 + ( r / 100 ) ), n ) - P

SI =  ( P * n * r ) / 100

d =  CI - SI

P =  P - m

tc =  P + SI

m =  tc - P

mp =  ( m * 100 ) / tc

emi =  tc / ( n * 12 )


where,

CI = compound interest
P = principal
r = rate
n = terms
SI = simple interest
d = difference
tc = total cost
m = margin
mp = margin percentage
emi = emi

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