Mathematics for FinanceMTP Nov 21Question 1331 of 422
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Arun purchased a vacuum cleaner by giving $1700$ as cash down payment, which will be followed by five EMIs of $480$ each. The vacuum cleaner can also be bought by paying $3900$ cash. What is the approx. rate of interest p.a. (at simple interest) under this instalment plan?

Options

A$18\%$
B$19\%$
C$22\%$
D$20\%$
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Correct Answer

Option c$22\%$

All Options:

  • A$18\%$
  • B$19\%$
  • C$22\%$
  • D$20\%$

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