Mathematics · Simple Interest
A sofa set is available for Rs. 48,500 cash or for Rs. 10,500 cash down payment followed by three equal monthly installments. If the rate of simple interest charged under the installment plan is 16% per annum, find the value of each monthly installment.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Rs. 13,500
- 2Rs. 13,200
- 3Rs. 13,000✓
- 4Rs. 13,400
Correct answer
Rs. 13,000
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