A television is available for Rs.7500 cash or Rs. 3000 cash down payment followed by five equal monthly instalments of Rs. 1000 each. Find the rate of interest per annum charged under the instalment plan.
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Buying the television of cash would cost Rs 7500.
Buying on hire purchase would cost :3000+(5*1000)=Rs8000
You realize that that the hire purchase price is higher by Rs 500
The percentage interest is therefore
500/7500*100%=6.67%
Thus rate=6.67%
Buying on hire purchase would cost :3000+(5*1000)=Rs8000
You realize that that the hire purchase price is higher by Rs 500
The percentage interest is therefore
500/7500*100%=6.67%
Thus rate=6.67%
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