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# A bicycle is sold for 3,000 cash or for Rs 1,000 cash down payment followed by two monthly installments of Rs 1024 each. Compute the rate of interest charged under the installment scheme.  Hint- Use the basic formula ${\text{Interest = }}\dfrac{{P \times R \times T}}{{100}}$, where P
is the Principle amount,R is the rate of interest, and T is the time duration.

There are two modes that are firstly you give cash RS 3000 or pay Rs 1000 down payment in the initial stages to get the bicycle.
Hence, ${\text{Principal amount = Rs}}\left( {3000 - 1000} \right) = 2000{\text{ Rs}}$
Now in case someone opts for down payment then they have to give Rs 1024 as installments for 2 months.
Hence, ${\text{Interest = (Time of installment}} \times {\text{Amount of installment) - Principal amount}}$
So, ${\text{Interest = 2}} \times {\text{1024 - 2000 = 2048 - 2000 = 48 Rs}}$
Now we know that ${\text{Interest = }}\dfrac{{P \times R \times T}}{{100}}$where P is principal value, R is rate of interest, T is duration of installments.
So substituting values
${\text{48 = }}\dfrac{{2000 \times R \times 2}}{{100 \times 12}}$ As we are taking time duration in years hence we have ${\text{T = }}\dfrac{2}{{12}}$
On solving we get ${\text{R = }}\dfrac{{48 \times 100 \times 12}}{{2000 \times 2}} = 14.4\%$

Note- While computing interest problems always keep hold of formulae of interest and always take time duration in terms of years and not months otherwise you may land up on the wrong answer.  NCERT Books for Class 10 Maths PDF in Hindi      Where There is a Will There is a Way Essay      NCERT Books for Class 10 PDF in Hindi  NCERT Book for Class 10 Science PDF in Hindi  NCERT Book for Class 10 Social Science PDF in Hindi  Important Questions for CBSE Class 7 English Honeycomb Chapter 9 - A Bicycle In Good Repair  Important Questions for CBSE Class 10 Maths Chapter 10 - Circles  Important Questions for CBSE Class 6 English A Pact with The Sun Chapter 10 - A Strange Wrestling Match  Important Questions for CBSE Class 10 Maths & Science with Answers  Important Questions for CBSE Class 10 Maths Chapter 2 - Polynomials  Important Questions for CBSE Class 10 Maths Chapter 11 - Constructions  Important Questions for CBSE Class 10 Maths Chapter 6 - Triangles  Important Questions for CBSE Class 10 Maths Chapter 15 - Probability  Important Questions for CBSE Class 9 Maths Chapter 10 - Circles  Important Questions for CBSE Class 6 Maths Chapter 10 - Mensuration  CBSE Class 10 Hindi A Question Paper 2020  Hindi A Class 10 CBSE Question Paper 2009  Hindi A Class 10 CBSE Question Paper 2015  Hindi A Class 10 CBSE Question Paper 2016  Hindi A Class 10 CBSE Question Paper 2012  Hindi A Class 10 CBSE Question Paper 2010  Hindi A Class 10 CBSE Question Paper 2008  Hindi A Class 10 CBSE Question Paper 2014  Hindi A Class 10 CBSE Question Paper 2007  Hindi A Class 10 CBSE Question Paper 2013  RS Aggarwal Solutions Class 10 Chapter 10 - Quadratic Equations (Ex 10H) Exercise 10.8  RS Aggarwal Solutions Class 10 Chapter 10 - Quadratic Equations (Ex 10C) Exercise 10.3  RS Aggarwal Solutions Class 10 Chapter 10 - Quadratic Equations (Ex 10D) Exercise 10.4  RS Aggarwal Solutions Class 10 Chapter 10 - Quadratic Equations (Ex 10B) Exercise 10.2  RS Aggarwal Solutions Class 10 Chapter 10 - Quadratic Equations (Ex 10G) Exercise 10.7  RS Aggarwal Solutions Class 10 Chapter 10 - Quadratic Equations (Ex 10A) Exercise 10.1  RS Aggarwal Solutions Class 10 Chapter 10 - Quadratic Equations (Ex 10E) Exercise 10.5  RS Aggarwal Solutions Class 10 Chapter 10 - Quadratic Equations (Ex 10F) Exercise 10.6  RS Aggarwal Class 10 Solutions  RS Aggarwal Solutions Class 6 Chapter-10 Ratio, Proportion and Unitary Method (Ex 10C) Exercise 10.3  