Question

washing machine is applicable for rupees 13,500 cash rupees 6,500 cash down payment followed by three monthly installment of 2,500 each find the rate of interest per amount charged under this installment plan​

Answer 1

Answer:

Cash price of washing machine = Rs. 135000  

Cash down payment = Rs. 6500  

Balance due = Rs(13500 – 6500) = rs. 7000  

No. of equal instalments = 3  

Amountof each instalment =rs. 2500  

Amount paid in installment = Rs. 7500  

Therefore, interest paid in installment scheme = rs(7500-7000) = rs. 500  

Principal for the 1stmonth = Rs. 7000  

Principal for the 2ndmonth = Rs. 4500  

Principal for the 3rdmonth = Rs. 2000  

Total = Rs. 13500  

Let the rate of interest be r% per annum  

I = p*r*1 / 1200  

Then, I = 13500*r*1 / 100*12  

=> 500 =13500*r*1 / 100*12  

=>r = 500*12/ 135  

=>r = 44.4%

HOPE IT WILL HELP  U DEAR

Answer 2

1/3 the interest of the installments