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Simple Interest

A computer is...

Question

A computer is sold for Rs. $9000$ cash on Rs. $3000$ cash down followed by $8$ equal instalments of Rs. $2000$ each. What is the rate of interest?

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Solution

Given, $n = 8, I =$ Rs. $2000$ ,
$E = 3000 + 6 \times 2000 - 9000 =$ Rs. $6000$
$R = \frac{2400 E}{n (n + 1) I - 2 E}$
$\Rightarrow R = \frac{2400 \times 6000}{8 (8 + 1) 2000 - 2 \times 6000}$
$\Rightarrow R = 109 %$

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