Correct option is B
Given:
Price of the cell phone (without credit) = Rs. 600
Cash down payment = Rs. 300
Balance to be paid after 2 months = Rs. 360
Formula Used:
The simple interest formula is:
I =
Where:
I is the interest,
P is the principal amount,
r is the rate of interest per period,
t is the time in periods (months).
Solution:
In Rs. 600,
Cash down payment Rs. 300
remaining principle 300,
balanced paid 360
Interest = 360 - 300 = 60
60 =
r =
Thus, rate of interest is 120% per annum.
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