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Doctors Medicines MCQs Q&A

  1. 50%
  2. 40%
  3. 4%
  4. 5%
  5. 45%
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1 Answers

Option 1 : 50%

⇒ Future value of the installment = 7500

⇒ Present value of the installment = 15000 – 7800 = 7200

⇒ Interest charged for the installment = future value – present value = 7500 – 7200 = Rs. 300

We know,

⇒ Interest = PRT/100

Here, P= 7200 and T = 1/12

⇒ 300 = (7200 × R) / (100 × 12)

⇒ 6R = 300

⇒ R = 50

∴ Rate of interest for the installment plan is 50%

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