Juhi wants to buy a bicycle. She goes to the market and finds that the bicycle she likes is available for ₹1800. Juhi has ₹ 600 with her. So, she tells the shopkeeper that she would not be able to buy it. The shopkeeper, after a bit of calculation, makes the following offer. He tells Juhi that she could take the bicycle by making a payment of ₹600 cash down and the remaining money could be made in two monthly instalments of ₹610 each. Juhi has two options one is to go for instalment scheme or to make cash payment by taking loan from a bank which is available at the rale of 10% per annum simple interest. Which option is more economical to her?
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