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Buying the television of cash would cost Rs 7500.
Buying on hire purchase would cost :3000+(5*1000)=Rs8000
You realize that that the hire purchase price is higher by Rs 500
The percentage interest is therefore
500/7500*100%=6.67%
Thus rate=6.67%
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Total amount charged in instalment plan = Rs 3000 + 5 × 1000
= Rs 3000 + 5000
= Rs 8000
Interest charged in 5 years = 8000 - Original price
= 8000 - 7500
= 500
Interest charged per year = 500 / 5 = Rs 100
Rate of interest = Interest charged per year × 100 / Money paid per year
= 100 × 100 / 1000
= 10 %
= Rs 3000 + 5000
= Rs 8000
Interest charged in 5 years = 8000 - Original price
= 8000 - 7500
= 500
Interest charged per year = 500 / 5 = Rs 100
Rate of interest = Interest charged per year × 100 / Money paid per year
= 100 × 100 / 1000
= 10 %
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