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Raja

· started a discussion

· 1 Months ago

qn no 63 (Question: 111689.0 )

I have a doubt 12% ans is correct but in answer pa is specified 12% for 2years and 6% for one year.

Question:
Mr. Sharma takes loan of Rs.25,000 and repays an amount of Rs.31,000 at the end of 2 years. What is the rate of simple interest at which he repays the loan?
Options:
A) 8%p.a.
B) 6%p.a.
C) 12%p.a.
D) 9 % p.a.
E) None of these
Solution:

Interest = Rs.(31,000 – 25,000) = Rs.6,000

Rate =  \(\cfrac{Interest ×100}{Principal × Time}\)

=  \(\cfrac{6,000 × 100}{25,000×2}\) = 12%

Knowledge Expert

· commented

· 1 Months ago

@Atul Chakre exactly :)

Atul Chakre

· commented

· 1 Months ago

No its for 2 years . correct answer 12 %
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