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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In total the costumer paid 8000.
so, interest taken = 500 rupees in 5 months
here principle = 4500
time=5 months
interest = rs. 500
rate = ?
so using
I=(P.R.T)/100 we get
500×100=4500×R×5/12
=> R= 80/3%
=> R= 26.67%.
so, interest taken = 500 rupees in 5 months
here principle = 4500
time=5 months
interest = rs. 500
rate = ?
so using
I=(P.R.T)/100 we get
500×100=4500×R×5/12
=> R= 80/3%
=> R= 26.67%.
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