A T.V. is available for Rs. 7500 cash or cash down payment for Rs. 3000 followed by 5 equal monthly instalments of Rs. 1000 each. Find the rate of interest PER ANNUM charged under the instalment plan.
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Buying t.v cash would be is
Rs 7500
Buying it on hire purchase it would cost
3000 +(5*1000 ) =Rs 8000
Therefore the hire purchase price is higher by Rs 500.
The % interest is
Therefore
500/ 7500*100% = 6.67%
Therefore rate is 6.67%
Rs 7500
Buying it on hire purchase it would cost
3000 +(5*1000 ) =Rs 8000
Therefore the hire purchase price is higher by Rs 500.
The % interest is
Therefore
500/ 7500*100% = 6.67%
Therefore rate is 6.67%
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