# İnterest question for my exam toorrow

• MHB
• Mhmdozer
In summary, the conversation discusses a man who buys a car on an installment basis with a down payment of 50,000 and 4 equal payments of 20,000 with an interest rate of 8%. The formula used to calculate the cash price of the car is given, and the final answer is determined to be 116,243. The value in dollars of 20,000 is not provided in the conversation.
Mhmdozer
Hi everyone. I have a one question about interest rates for my exam, if you help I'd be happy.

A man buys car on instalment basis such that he pays 50.000 on signing of the contract and remaining in 4 equal instalments of 20.000 the first is being paid at the end of first year and so on for each year if the rate of interest is %8 effective, find the cash price of the car?

Mhmdozer said:
A man buys car on instalment basis such that he pays 50.000 on signing of the contract and remaining in 4 equal instalments of 20.000 the first is being paid at the end of first year and so on for each year if the rate of interest is %8 effective, find the cash price of the car?
Formula (present value of annuity):
p = a[1 - 1/(1+i)^n]/i

a = amount of payment (20.000)
i = interest rate (.08)
n = number of payments (4)
p = present value (?)

That will result in p = 66.243,
so price of car = 66.243 + 50.000 = 116.243

Curious: what is value in dollars of 20.000 ?

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