hi can anyone solve and explain this problem on simple interest and its a problem on instalment sale?

Question

"A radio dealer offers a radio for Rs 270 cash down or Rs 30 cash down and 18 equal monthly instalments of Rs 15 each .Find the rate of simple interest charged".
can you pls explain this step-by-step and solve it?

Answer 1

If cash price is $270 and credit price is $30 down, you are financing $240. Paid in installments for 1.5 years, you are paying about 15% interest. Take a look at this site on bankrate.com

http://bankrate.com/brm/popcalc2.asp?unroundedPayment=14.972348943640092&loanAmount=240.00&nrOfYears=1.50&nrOfMonths=18&interestRate=15.00&startMonth=9&startDay=28&startYear=2006&monthlyPayment=14.97&monthlyAdditional=0&yearlyAdditional=0&yearlyAdditionalMonth=9&oneAdditional=0&oneAdditionalMonth=9&oneAdditionalYear=2006&paidOffDate=Apr+28%2C+2008&Submit.x=48&Submit.y=12

Answer 2

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Answer 3

simple interest is based on the rule of 78. Tomorrow at work I will print out exactly what the rule of 78 is and answer this question again.