Question

An old article is available for 12,000 at cash payment or is available for 7,000 cash payment and a monthly instalment of 630 for 8 months. The rate per cent per annum is

Answer 1

Answer:

rate = 21.per cent

Explanation:

interest

=(7000 + 630×8)-12000

=(7000+5040)-12000

=12040-12000=40

total principal

=5000+4370+3740+3110+240+1850+1220+590

=22360