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    Question

    A sofa of MRP 1500 is available in Rs.300 cash down

    payment and 9 monthly equal installment of Rs.150 each. Find the rate of interest per annum.
    A 20% Correct Answer Incorrect Answer
    B 12.5% Correct Answer Incorrect Answer
    C 33.33% Correct Answer Incorrect Answer
    D 16.67% Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Total interest = 300 + 150 x 9 – 1500 = Rs. 150 150 = (1200 + 1050 + 900 + 750 + 600 +…. + 150) x R x 1/ (12 x 100) 150 = 5400 x R/1200 100 = 3R R = 100/3 % = 33.33%

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