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To calculate: The rate of interest for the respective purchase when account was established under a scheme of 90 days same as cash as the charge of interest on account balance is 1.3167% per month, interest charge was added to the balance every month and all the payments are made within 3 months. Then, the charges of interest are cancelled and a carpet of worth $2,900 was purchased under the scheme with the assumption that the account is paid off one day late (that is 3 months plus 1 extra day) assuming 3 months as
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