SarkariPYQ

SSC CPO 2023 PYQ — Question 142

SSC CPO - 04 Oct 2023 - Shift 1 • Quantitative Aptitude • Q142

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Anandi bought a smart watch from an electronic store for Rs. 4,400. Since she had less money, she paid Rs. 2,000 for down payment, and the shopkeeper offered her an alternative to paying Rs. 2,440 after 1 month. Find the rate of interest being charged at simple interest by the shopkeeper in this installment option?

Show answer & explanation

Correct answer: A

Explanation

The correct answer is option 1 i.e. 20%.

Given that

Anandi bought a smartwatch from an electronic store for Rs. 4,400.

She paid Rs. 2,000 for down payment

After 1 month, she paid Rs. 2440

Formula used

Simple interest = P×R×T100{P \times R \times T} \over 100

According to the question

The remaining payment after downpayment = 4400 - 2000 = Rs 2400

The interest paid at the end of 1 month = 2440

Interest = 2440 - 2400 = Rs. 40

⇒ 40 = 2400×R×112100{2400 \times R \times {1 \over 12}}\over 100

Rate = 1200601200 \over 60 = 20% p.a