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A laptop is sold for Rs. 1680 cash or for Rs. 1400 cash down payment together with Rs. 287 to be paid after one month. Find the rate of simple interest charged per annum.


1. 2.5%
2. 3.5%
3. 15%
4. 30%
5. None of these.

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Best answer
Correct Answer - Option 4 : 30%

Given:

Actual price = Rs. 1680

Down payment = Rs. 400

Formula used:

Simple Interest = PRT/100

Calculation:

Total amount = Rs. (1400 + 287) = Rs. 1687

Interest paid = Rs. (1687 – 1680)

⇒ Rs. 7

Interest will be applied on = Rs. (1680 – 1400) = Rs. 280

Simple Interest = PRT/100

⇒ 7 = (280 × R × 1)/100

⇒ R = 700/280

⇒ R = 2.5% per month

⇒ R = 2.5 × 12

⇒ R = 30% per annum

Rate of simple interest charged is 30% per annum.

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