maths help

Question

a xerox machine is available for rs 78000 or for 331/9% cash down payment and 11 equal monthly installments of rs 4900 each. what is rate of interest charged?

Answer 1

Hi Shivam, this what you mean?

 

A fur coat costs $500 a piece but can be gotten for $20 dawn payment and 24 payments of $25. 

 

24*25 + 20 = $600

 

% profit is (620 - 500)/500 * 100 = 24 % profit (or interest)

 

Basically the same concept, I think, applies. I hope this helps