A Colour T.V set costs 12,000 in cash or 7,000 down and 8 monthly instalments of ₹630 each. Find the rate of interest charged.
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Answer:
2.15
Explanation:
The price of TV = Rs.12000
Cash paid = Rs.7000
Balance amount = Rs.5000
Amount paid by instalments = 8×630 = Rs.5040
Interest charged = Rs.5040 - 5000
= Rs.40
Total sum of on one month scale
Rs.5000+4370+3740+3110+2480+1850+1220+590 = Rs.22360
Time 1 month = 112years
Rate = 100×40×122236
= 2.15
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Rate of interest = 2.15%
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