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    Question

    A sofa of MRP 27000 is available in Rs.5400 cash down

    payment and 9 monthly equal installment of Rs.2700 each. Find the rate of interest per annum.
    A 33.33% Correct Answer Incorrect Answer
    B 16.67% Correct Answer Incorrect Answer
    C 20% Correct Answer Incorrect Answer
    D 12.5% Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Total interest = 5400 + 2700 x 9 – 27000 = Rs. 2700 2700 = (21600 + 18900 + 16200 + 13500 + 10800 +…. + 2700) x R x 1/ (12 x 100) 2700 = 97200 x R/1200 100 = 3R R = 100/3 % 

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