A typewriter is available for ₹7200 cash for ₹3040 cash down payment and 5 equal monthly installment of ₹860 each. Find the rate of interest charged under the installment scheme.
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Total Price of typewriter = Rs 7200
Cash Down Payment C = Rs 3040
Thus Amount left to be paid = 7200 - 3040
= Rs 4160
Total number of installments = 5
Thus
Value of 1 installment = 4160 / 5 = Rs 832
installment he paid = 860
Thus
interest he paid = 832/860 * 100
= 100 - 96.74
= 3.26 %
Cash Down Payment C = Rs 3040
Thus Amount left to be paid = 7200 - 3040
= Rs 4160
Total number of installments = 5
Thus
Value of 1 installment = 4160 / 5 = Rs 832
installment he paid = 860
Thus
interest he paid = 832/860 * 100
= 100 - 96.74
= 3.26 %
RishabhRDX:
No option matches your answer
Oh maybe I am mistaken somewhere.. May you give the options so that I can make it correct?
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