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A statue of 550BC is priced at 15000 rupees. But a person wants instalment on the statue. So he gaves 10000 rupee cash and make an instalment of rupees 650 for 8 months. Find the rate of interest charged by the shopkeeper.
4%
6%
8%
10%
Total amount buyer pays = 10000 + 650*8 = 15200 So to find the interest rate, 200 = 5000*(8/12)*R/100 So r= 6%.
By: Pranav Gupta ProfileResourcesReport error
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