The cost price of a water heater is Rs. 10000. To buy on instalments, there is a down payment of Rs. 2000 and followed by 3 months instalments. Rate of simple Interest charged by the bank is 20%. Find the monthly instalment. (Answer should be up to two decimal)
1
Rs. 2754.10
2
Rs. 2788.20
3
Rs. 2574.10
4
Rs. 2356.67
5
Rs. 2456.35