Question

Amit want to buy a car of price 50000. Which is also available at finance, down payment of 20000 and monthly installment of 1200 for 3 year.
If Mr. Amit pays 20000 as down payment and 1200 per month for 3 year. What will be the rate ?

Answer 1

Answer:

total interest in amount 30000 is 13200 of all amount of 3year .

Step-by-step explanation:

1st year intrest is 4400 of amount 30000

2nd ,3rd same

so intrest rate is 14.4