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 A briefcase is available for Rs 800 cash or for Rs 500 cash down payment and Rs 320 to be paid after 6 months. Find the rate of interest charged under the installment plan. [ Calculator, Method and examples ]Solution:Your problem -> A briefcase is available for Rs 800 cash or for Rs 500 cash down payment and Rs 320 to be paid after 6 months. Find the rate of interest charged under the installment plan.Cash Price = 800Down Payemnt = 500Remaining Balance = 800 - 500 = 300The installment to be paid at the end of 6 months = 320:. the interest charged on Rs 300, for a period of 6 months = Rs 320 - Rs 300 = 20If R % is the rate of interest per annum, then (300 × R × 6) / (100 × 12) = 20R = 40/3Thus, the rate of interest charged under the installment paln is = 40/3 per annum

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