SOLUTION: The hire purchase price of a refrigerator is R6500. The deposit of R500 is made the remainder is paid equal monthly payment of R250.what is the interest rate simple interest charge

Question 1019252: The hire purchase price of a refrigerator is R6500. The deposit of R500 is made the remainder is paid equal monthly payment of R250.what is the interest rate simple interest charged on this transaction
Found 2 solutions by fractalier, addingup:
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
This cannot be answered unless you know how many payments of R250 were made. Once you have the total amount paid for the R6500 refrigerator, the interest rate can be calculated...
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
How many equal monthly payments?
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