Question

a television is available for Rs 7500 cash or Rs 3000 cash down payment followed by five equal monthly instalments of Rs 1000each find the rate of interest per annum charged under the instalment plan

Answer 1

I=p x r x t
500=4500 × r/100 × 5/12
500=45×5/12×r
500=225/12×r
500÷225/12=r
60=r
Therefore rate is 60%