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Arun purchased a vaccum cleaner by giving ₹ 1700 as cash down payment which will be followed by five EMIs of ₹ 480 each.The vaccum cleaner can also be bought by paying ₹ 3900 cash.What is the approx.rate of interest p.a.(at simple interest) under this instalment plan? (a) 18% (b) 19% (c) 22% (d) 20%?
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Arun purchased a vaccum cleaner by giving ₹ 1700 as cash down payment ...
Calculation of Approx. Rate of Interest
- Arun paid ₹ 1700 as a down payment and the remaining amount of ₹ 3900 was to be paid in 5 EMIs of ₹ 480 each.
- Total amount paid through EMIs = 5 * ₹ 480 = ₹ 2400
- Total amount paid = Down payment + Total EMI amount = ₹ 1700 + ₹ 2400 = ₹ 4100
- The difference between the total amount paid and the cash price = ₹ 4100 - ₹ 3900 = ₹ 200
- The rate of interest can be calculated using the formula: Rate of Interest = (Interest/Principal) * 100
- In this case, Interest = ₹ 200, Principal = ₹ 3900
- Rate of Interest = (200/3900) * 100 = 5.13%
Approx. Rate of Interest per Annum
- Since the interest is for the entire period of the EMIs, we can approximate the rate of interest per annum to be around 5.13%.
- Therefore, the approx. rate of interest per annum under this instalment plan is approximately 5%.
- The closest option provided is 18%, so the answer would be (a) 18%.
- Arun paid ₹ 1700 as a down payment and the remaining amount of ₹ 3900 was to be paid in 5 EMIs of ₹ 480 each.
- Total amount paid through EMIs = 5 * ₹ 480 = ₹ 2400
- Total amount paid = Down payment + Total EMI amount = ₹ 1700 + ₹ 2400 = ₹ 4100
- The difference between the total amount paid and the cash price = ₹ 4100 - ₹ 3900 = ₹ 200
- The rate of interest can be calculated using the formula: Rate of Interest = (Interest/Principal) * 100
- In this case, Interest = ₹ 200, Principal = ₹ 3900
- Rate of Interest = (200/3900) * 100 = 5.13%
Approx. Rate of Interest per Annum
- Since the interest is for the entire period of the EMIs, we can approximate the rate of interest per annum to be around 5.13%.
- Therefore, the approx. rate of interest per annum under this instalment plan is approximately 5%.
- The closest option provided is 18%, so the answer would be (a) 18%.
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Arun purchased a vaccum cleaner by giving ₹ 1700 as cash down payment which will be followed by five EMIs of ₹ 480 each.The vaccum cleaner can also be bought by paying ₹ 3900 cash.What is the approx.rate of interest p.a.(at simple interest) under this instalment plan? (a) 18% (b) 19% (c) 22% (d) 20%?
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Arun purchased a vaccum cleaner by giving ₹ 1700 as cash down payment which will be followed by five EMIs of ₹ 480 each.The vaccum cleaner can also be bought by paying ₹ 3900 cash.What is the approx.rate of interest p.a.(at simple interest) under this instalment plan? (a) 18% (b) 19% (c) 22% (d) 20%? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Arun purchased a vaccum cleaner by giving ₹ 1700 as cash down payment which will be followed by five EMIs of ₹ 480 each.The vaccum cleaner can also be bought by paying ₹ 3900 cash.What is the approx.rate of interest p.a.(at simple interest) under this instalment plan? (a) 18% (b) 19% (c) 22% (d) 20%? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Arun purchased a vaccum cleaner by giving ₹ 1700 as cash down payment which will be followed by five EMIs of ₹ 480 each.The vaccum cleaner can also be bought by paying ₹ 3900 cash.What is the approx.rate of interest p.a.(at simple interest) under this instalment plan? (a) 18% (b) 19% (c) 22% (d) 20%?.
Arun purchased a vaccum cleaner by giving ₹ 1700 as cash down payment which will be followed by five EMIs of ₹ 480 each.The vaccum cleaner can also be bought by paying ₹ 3900 cash.What is the approx.rate of interest p.a.(at simple interest) under this instalment plan? (a) 18% (b) 19% (c) 22% (d) 20%? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Arun purchased a vaccum cleaner by giving ₹ 1700 as cash down payment which will be followed by five EMIs of ₹ 480 each.The vaccum cleaner can also be bought by paying ₹ 3900 cash.What is the approx.rate of interest p.a.(at simple interest) under this instalment plan? (a) 18% (b) 19% (c) 22% (d) 20%? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Arun purchased a vaccum cleaner by giving ₹ 1700 as cash down payment which will be followed by five EMIs of ₹ 480 each.The vaccum cleaner can also be bought by paying ₹ 3900 cash.What is the approx.rate of interest p.a.(at simple interest) under this instalment plan? (a) 18% (b) 19% (c) 22% (d) 20%?.
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