A Sonata watch is sold for Rs. 440 cash or for Rs. 200 cash down payment together with Rs. 244 to be paid after one month. Find the rate of interest charged in the installment scheme
Explanation:
Principal for next month = 440 – 200 = 240
Amount paid after next month = 244
Therefore, interest charged at 240 = 4
∴ 4 =240×r×112×100
R = 20% per annum
Hence, option (c).
» Your doubt will be displayed only after approval.
Help us build a Free and Comprehensive Preparation portal for various competitive exams by providing us your valuable feedback about Apti4All and how it can be improved.