Mathematics · Compound Interest
The cost of a mobile phone is ’25,000. It is available for a ’5,000 down payment followed by 3 equal annual instalments, paid at the end of each year, at a rate of 25% p.a. compound interest. Find the value of each instalment (rounded off to two decimal places):
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1’10,245.09
- 2’17,361.00
- 3’13,021.00
- 4’10,245.90✓
Correct answer
’10,245.90
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