Ragav purchases a coat for Rs 2400 cash or for Rs 1000 cash down payments and two monthly installmen...........

Quantitative Aptitude ( CCS) Compound Interest

Ragav purchases a coat for Rs.2400 cash or for Rs.1000 cash down payments and two monthly installments of Rs.800 each. Find the rate of interest.

80%

100%

110%

120%

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Explanation:

Solution:
Amount as a principal for 2 month = 2400 – 1000 = 1400
At the rate of r% per annum after 2 months, Rs.1400 will amount to Rs 1400 + (1400*r*2/100*12)
Total amount for 2 installments at the end of second month Rs800+(800+(800*r*1/100*12))
Then 1400 + 2800*r/1200=1600+ 800*r/1200
R=120%