A mobile is sold for Rs. 15000 in cash. There is an instalment plan under which customer had to make a down payment of Rs. 7800 and an instalment of Rs. 7500 after a month. Find the rate of interest for the instalment plan.?

50%
40%
4%
5%
45%

LohaHridoy

8 views

2025-01-04 04:42

1 Answers

AhmedNazir

Option 1 : 50%

⇒ Future value of the instalment = 7500

⇒ Present value of the instalment = 15000 - 7800 = 7200

⇒ Interest charged for the instalment = 7500 - 7200 = Rs. 300

We know,

⇒ Interest = PRT/100

Here, P = 7200 and T = 1/12

⇒ 300 = (7200 × R)/(100 × 12)

⇒ R = 50%

∴ Rate of interest for the instalment plan is 50%

8 views Answered 2022-09-04 04:29

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