Question

Anil purchased a computer monitor priced at ` 6800 cash, under the instalment plan by making a cash down payment of ` 2000 and 5 monthly instalments of ` 1000 each. Find the rate of interest charged under the instalment plan.

Answer 1

payment req. to give= 4800
he paid 5000
interest=200
rate of interest=200/4800*100=4.17%p.a