A sonata watch is sold for
600cash or for 300cash
down payment together with
360 to be paid after Two
month. Find the rate of in-
terest charged in the install-
ment scheme :
Answers
Answered by
1
Answer:
total installment=720-200=520
Step-by-step explanation:
cp=600 cap=400
balance due=600-400=200
total payment=360*2=720
total installment=720-200=520
hope it helps you
Answered by
18
Answer:
Rate of interest (R) = 16% per annum
Step-by-step explanation:
Given,
- Principal for the next month = 600 - 300 = 300 cash
- Amount paid after next month = 360 cash
∴ interest charged at 300 cash can be determined as
( 300×1×R)/(12×100) = 4
⇒ R = 4800/300 = 16
∴ Rate of interest (R) = 16% per annum
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