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    Question

    A sofa of MRP 450 is available in Rs.90 cash down payment and 9 monthly equal installment of Rs.45 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 = 90 + 45 x 9 – 540 = Rs. 45 45 = (360 + 315 + 270 + 225 + 180 +…. + 45) x R x 1/ (12 x 100) 45 = 1620 x R/1200 100 = 3R R = 100/3 %

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