document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1133670>Question 1133670</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A man purchases a pressure cooker priced ₹120 on the condition that he will pay ₹25 down and balance in 4 monthly installments of ₹25. What is the rate of interest? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #750902 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=750902\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> the price is 120 rupees.\r<BR>\n" );
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document.write( "he pays 25 rupees down.\r<BR>\n" );
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document.write( "he will then pay the rest in 4 monthly installments of 25 rupees each.\r<BR>\n" );
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document.write( "take away the 25 rupees that he put down and the amount he still owes on the pressure cooker is 95 rupees.\r<BR>\n" );
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document.write( "this amount is paid off in 4 monthly installments of 25 rupees apiece.\r<BR>\n" );
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document.write( "the use of a financial calculator is indicated here.\r<BR>\n" );
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document.write( "one such calculator can be found online at <a  rel=nofollow HREF= \"\" target = \"_blank\">https://arachnoid.com/finance/</a>https://arachnoid.com/finance/\r<BR>\n" );
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document.write( "your inputs to this calculator will be:\r<BR>\n" );
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document.write( "present value = 95<BR>\n" );
document.write( "future value = 0<BR>\n" );
document.write( "number of time periods = 4<BR>\n" );
document.write( "payment amount = -25<BR>\n" );
document.write( "interest rate percent per time period = what you want to find.<BR>\n" );
document.write( "payment made at the end of each time period.\r<BR>\n" );
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document.write( "the time periods are months, so your payment will be made at the end of each month.\r<BR>\n" );
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document.write( "the percent value is shown as positive because it's money that you borrowed to pay for the pressure cooker.\r<BR>\n" );
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document.write( "the payment is shown as negative because it's money that you spend in order to apy off the loan.\r<BR>\n" );
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document.write( "once yo've made your inputs, you click on IR and the calculator tells you the interest rate percent per time period.\r<BR>\n" );
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document.write( "that interest rate percent will be equal to 2.083778 percent.\r<BR>\n" );
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document.write( "that's the interest rate per momth.\r<BR>\n" );
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document.write( "the equivalent interest rate per year will be 12 * that which makes the annual percent interest rate equal to 25.005336 percent.\r<BR>\n" );
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document.write( "this can be rounded to approximately 25.01 percent.\r<BR>\n" );
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document.write( "this is what the calculator display looks like after you're done.\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2019/013001.jpg\" alt=\"$$$\" >\r<BR>\n" );
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document.write( " </SPAN>\n" );
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