Management Aptitude Test Sep 2013 Paper

(e) Xerox machine is available at 33 $\frac{1}{3}$%
cash down payment and 11 equal monthly instalments of ₹ 4900 each.
Then, 33 $\frac{1}{3}$ % of ₹ 78000
= $\frac{100}{3}\times \frac{78000}{100}$ = ₹ 26000
Now, 11 monthly instalments of ₹ 4900 each.
Then, it is equal to 11 x 4900 = ₹ 53900
Then, total cost of machine on instalment 26000 + 53900 = ₹ 79900
Now, interest = (79900 - 78000) = ₹ 1900
Let the rate of interest be R.
Then, SI = $\frac{\mathit{P}\times \mathit{R}\times \mathit{T}}{100}$
1900 = $\frac{78000\times \mathit{R}\times 1}{100}$
R = $\frac{1900\times 100}{78000}$= 2.43%