Question

16. A computer is available for 39,000 cash or
* 17,000 as cash down payment followed by
five monthly instalments of * 4,800 each.
What is the rate of interest under the instalment
plan?
(a) 25.71% p.a.
(6) 27.71% p.a.
(c) 21.71% p.a.
(d) 28.71% p.a.​

Answer 1

Answer:

none of these

After cash payment of 17000, money remaining =39000-17000=22000

This amount has to be paid in 5 instalment

22000=5*4800*r/100

r = 22000/(5*4800) = 9.2%