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.
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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