a television is available for Rs. 7500 cash or Rs. 3000 cash down payment followed by 5 equal monthly installment of Rd. 1000 each. find the rate of interest per annum charged under the installment plan
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7500-3000=4500
5000-4500=500
500=4500*5/12*x/100
X=500*12*100/4500*5
X=26.67%pa
5000-4500=500
500=4500*5/12*x/100
X=500*12*100/4500*5
X=26.67%pa
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