A scooter can be purchased from 28000 cash or for 7500 as cash down payment followed by 4 equal monthly installments of 5200 each. find the rate of interest charged under installment plan.
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Answer:1.07 is rate of interest
Step-by-step explanation: single stroke purchase is 28000
Down payment 7500 and 5200 for 4 months
Total payment is 7500 + 5200×4 = 28300
Diff is 300
The percentage of 300 In 28000 is 1.07
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