Question

a scooter is available at 30000 rs. cash or 15000 immediate payment and 4 equal monthly installments. if the rate of interest taken under installment scheme is 100/3% , than find out the amount of every installment.

Answer 1

30000-15000=15000

15000÷3 =450

Since it is 4 month installment 15000÷4=3750

Installment with interest= 3750+450=4200

Answer 2

ANSWER

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.

$\therefore 20 = 600 \times \frac{3}{12} \times \frac{r}{100}$

$= > r = \frac{40}{3} = 13.33\%$