The price of a T.V. set worth Rs. 20000 is to be paid in 20 installments of Rs. 1000 each. If the rate of interest be 6% per annum, and the first installment be paid at the time of purchase, then the value of the last installment covering the interest as well will be?
Answer: D
Money paid in cash = Rs. 1000
Balance payment = (20000 - 1000) = Rs. 19000