A house is sold for Rs 12000 cash or Rs 7000 as cash down payment and Rs 630

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Question

A house is sold for Rs 12000 cash or Rs 7000 as cash down payment and Rs 630 a month for 8 months. Find the rate of interest per annum.

Options:

A . 2.15%

B . 3.25%

C . 4.64%

D . 5.21%

Answer: Option A

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1 Comments

Deepak Rathor 2018-01-28 03:57:46

0

This Q has two answer 2.14 as well as 1.2..
For 2.14 ..40 rupee extra paid which is SI on 5000
And then find the the value of P by 5000Ã—8-630(1+2+3----7)=22360now
RÃ—22360/1200=40
2.14
And for 1.2
40= 5000Ã—rÃ—8/1200
R=1.2
Please help me which one is accurate ....

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