Question

A trader buys goods for Rs 400 and sells them the same day for Rs 480 at a credit of 8
months. His gain % is 2%.Find the rate of interest.

Answer 1

Answer:

ANSWER

Given, For 12 months, rate =6%

∴ For 4 months, rate = 12

6 ×4=2%

⇒ So value of chair =(600+2%of600)

=Rs.612

Chair is sold for Rs.765

so, gain ={ CP(SP−CP) ×100}%

={( 612765−612 )}%

=25%

Hence, the answer is 25%.