Question

A chair is sold for 450rs or cash down payment of 210 rs and two equal monthly installments of 125 each.find rate of interest​

Answer 1

Answer:

Step-by-step explanation:

Let r% p.a. be the rate under installment scheme. After Rs 600 cash is paid, Rs 1200 remained to be paid.

This becomes Rs 1,220. Total interest paid is Rs 20.

Now Rs 1,200 is kept for one month and Rs 600 is kept for one month.

⇒ Rs 600 is kept for 3 months at r% and interest paid is Rs 20.