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Cash Price=30000 Less Cash Down Payment = (7000) Balance= 23000 First Installment= (8000) Balance= 15000 Second Installment= (8000) Balance= 7000 Third Installment= (8000) Balance= (1000) Now Interest on First year = (23000 × r ×1 )/100 Interest on Second year = (15000 × r ×1)/100 Interest of Third year = (7000 × r ×1 )/100 Now, according to the question (23000 × r ×1 )/100+ (15000 × r ×1)/100+ (7000 × r ×1 )/100=1000 (1000r (23+15+7))/100=1000 45r/100=1 r= 100/45=2(2/9)%
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