Latest Bank Exam Aptitude Question SOLUTION: A mobile worth Rs. 500 can be bought by paying a down payment of Rs.100 and 8 equal installments of Rs. 50 each. Calculate the rate of interest.

• Placement Papers
• /
• Bank Exam
• /
• Numerical Ability
• /
• Profit and Loss

Bank Exam Question Papers:

(#M40165778) BANK EXAM Numerical Ability question simple interest Keep an EYE

A mobile worth Rs. 500 can be bought by paying a down payment of Rs.100 and 8 equal installments of Rs. 50 each. Calculate the rate of interest.

Asked In Bank Exam ROHIT RAMESH PEDNEKAR (5 years ago)

Unsolved Read Solution (2)

Is this Puzzle helpful?   (4)   (1) Submit Your Solution Profit and Loss

Read Solution (2) :

AASHRAY AJAY SHARMA  (5 years ago)

Cost Price = 500
First Payment = Rs.100
Net Cost Price to be paid =Rs.400 = 8* (50)
Therefore Rate Of Interest = 0%

Is this solution Helpfull? Yes (1) | No (1)  

ed walter  (4 years ago)

As it has to be paid in 8 equal installments, the payment on principal to be made will end on the completion of 8 months. He will have to pay (400/8=Rs.50 per month)
Principal for the first month will be 400, for second month=350, for third month=300 and so on.
Total sum or principal=400+350+300+250+200+150+100+50=1800.
Amount= Principal + interest= 400+50=450 (for one month)
Rate = 100* interest/ principal * time
Rate= (100*50)/(1800*1/12)=100/3 %

Is this solution Helpfull? Yes | No   

Please Login to Read Solution.