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A moneylender wanted to purchase a refrigerator. The shopkeeper w...
A moneylender wanted to purchase a refrigerator. The shopkeeper wanted either down payment of Rs. 3500 or payment of Rs. 1800 on delivery and a further payment of Rs. 1800 to be made in six equal monthly installments. If the market borrowing rate is 2 per cent (interest payable monthly) find what will be the saving in accepting the second offer.
Correct Answer is Option C):
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