A question is followed by data in the form of two statements labelled as I and II. You must decide whether the data given in the statements are sufficient to answer the questions.

Question 2

What is the rate of simple interest on a loan of ₹ 20,000 ?
I. ₹ 23,000 is to be paid at the end of the first year.
II. There is a penal interest of 10% if the loan is not paid at the end of the first year.

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