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A Colour TV, costs Rs.12000 in cash or Rs. 7000 in Cash and 8 monthly instalments of Rs. 630 each. What is the rate of interest?
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Explanation:
The price of TV = Rs.12000
Cash paid = Rs.7000
Balance amount = Rs.5000
Amount paid by instalments = 8×630 = Rs.5040
Interest charged = Rs.5040 – 5000
= Rs.40
Total sum of on one month scale
Rs.5000+4370+3740+3110+2480+1850+1220+590 = Rs.22360
Time 1 month = 1\12years
Rate = 100×40×12\2236
= 2.15%
Rate of interest = 2.15%