2. Robert purchases a motor car from Excellent Motors ltd whose cash price is 56,000 on January 1; 2005; Rs. 15,000 paid on signing the contract and the balance is to be paid in three equal annual installments of Rs. 15,000 each. The rate of interest is 5% per annum. Calculate the amount of interest included in each installment

Question

2.	Robert purchases a motor car from Excellent Motors ltd whose cash price is 56,000 on January 1; 2005; Rs. 15,000 paid on signing the contract and the balance is to be paid in three equal annual installments of Rs. 15,000 each. The rate of interest is 5% per annum. Calculate the amount of interest included in each installment