A T.V. can be purchased for Rs 24000 cash or for Rs 8000 cashdown payment and six monthly instalments of Rs 2…

A T.V. can be purchased for Rs 24000 cash or for Rs 8000 cashdown payment and six monthly instalments of Rs 2800 each. Ali goes to market to buy a T.V., and he has Rs 8000 with him. He has now two options. One is to buy TV under instalment scheme or to make cash payment by taking loan from some financial society. The society charges simple interest at the rate of 18% per annum simple interest. Which option is better for Ali?