An article is sold for 2,000 cash or for 600 as cash down payment followed byxx 1680 after one year. The rate of interest charged under instalment plan l ।(A) 16%(B) 20%(C) 28%| (D) 40%
Answers
Answer:
(A) 16%
Step-by-step explanation:
Steps as follow:
1. Find the total amount paid
2. Find the interest paid
3. Find the interest rate
--------------------------------------------------
STEP 1 : Find the total amount paid
Total = 600 + 1680 = 2280
STEP 2 : Find the interest paid
/* Cash Price = 2000 */
Interest paid = 2280 - 2000 = 280
STEP 3: Find the interest rate:
interest rate = (interest/loan amount) x 100
interest rate = (280/1680) x 100 = 16%
Answer: 16%
Answer:
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Answer:
(A) 16%
Step-by-step explanation:
Steps as follow:
1. Find the total amount paid
2. Find the interest paid
3. Find the interest rate
--------------------------------------------------
STEP 1 : Find the total amount paid
Total = 600 + 1680 = 2280
STEP 2 : Find the interest paid
/* Cash Price = 2000 */
Interest paid = 2280 - 2000 = 280
STEP 3: Find the interest rate:
interest rate = (interest/loan amount) x 100
interest rate = (280/1680) x 100 = 16%
Answer: 16%