A civil servant had a salary of Rs. 9600. Tax up to Rs. 85000 per year would be exempted. If he paid
Rs. 377.50 as a tax per month, how much percent of
tax was imposed ?
(Ans: 15 %​

Step-by-step explanation:

The question is misleading. It was not specified that his salary is Rs 9,600 per month. That is 115,200 yearly. Of that, 115,200- 85,000 = 30,200 is taxable.

tax = Rs 377.50/month = Rs 4,530/year

4,530/30,200 = 0.15 = 15%

answer: the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

step-by-step explanation:

the given rate of interest i= 85%

in calculating the monthly payment for a loan with an interest rate compounded monthly, the value of the interest rate per period we use in the formula must be in decimal form.

to convert it in decimal, we divide it by 100, we get

hence, the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.