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A man buys a music system valued at ₹ 8000. He pays ₹ 3500 at once and rest 18 months later, on which he is charged simple interest at the rate of 8% per annum . Find the total amount he pays for the music system ?
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- ₹ 9260
- ₹ 8540
- ₹ 8720
- ₹ 9410
Correct Option: B
Cost of the music system = ₹ 8000
Money paid at once = ₹ 3500
Money left = (8000 - 3500) = ₹ 4500
Time = (18/12) = 3/2 yr and R = 8% per annum
SI = PTR/100 = (4500 x 3/2 x 8)/100 = ₹ 540
Money to be paid at the end = (4500 + 540) = ₹ 5040
∴ Cost of music system = (3500 + 5040) = ₹ 8540
