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Mr. Alok wants to buy a car. The invoice price is Rs. 240,000.Mr. Alok can pay Rs. 28,375 as downpayment. Afinance company offers him a

Mr. Alok wants to buy a car. The invoice price is Rs. 240,000.Mr. Alok can pay Rs. 28,375 as downpayment. Afinance company offers him a hire purchase deal of repayment in 30 months, the flat rate being 6.497%. Find out Effective rate of Interest.

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