An old article is available for rs 12000 at cash payment or is available for rs 7000 cash payment and a monthly installment of rs 630 for 8 months the rate percent per annum is
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Loan amount = 5000
Loan period =8 months
Installment =630
Total amount to be paid =630×8=5040
Monthly interest= 40÷8=5
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Answer:
As per the given in question, we have simple interest =(7000+630×8)-12000
simple interest= (7000+5040)-12000
simple interest= 12040-12000
= 40
Total principle = 5000+4370+3740+3110+2480+1850+1220+590
=22360 Rupees
Rate = 40×100×12/22360×1
=~ 2.1 %
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