A bicycle can be purchased for Rs. 800. A customer can purchase it in 12 monthly instalments of Rs. 80. What is rate of interest?A18%B22%C20%D15%Answer: C. 20% Read Explanation: Total installments in one year = 12 x 80 = Rs. 960 Simple Interest = 960 - 800 = Rs. 160 R= 100I / PN =100 x 160/800 x 1 =20%Read more in App