A plasma tv was purchased whose marked price is Rs 40000 on down peament of Rs 20000 and reammining amount was paid in 4 annual installments of Rs 6000 Find the rate of simple interest
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Thus the rate of simple interest is 10%.
Step-by-step explanation:
Marked Price of the TV (P) = 40,000
Down Payment (D) = 20,000
No. of installments (i) = 4
Amount paid every installments (ip) = 6,000
Total Price paid by customer (T) = D+i x ip
= 20,000 + 4(6000)
= 20,000 + 24,000
= 44,000
Price Difference = T - P
= 44,000 - 40,000
= 4,000
Simple Interest (% Rate) = PD x 100/P
= (4000 x 100)/40,000
Simple Interest = 10%
Thus the rate of simple interest is 10%.
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