A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.
1
Rs. 260
2
Rs. 240
3
Rs. 280
4
Rs. 300
A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.