Question 51

If the interest on money be 1 paisa per rupee per month, what is the rate per cent per annum?

Solution

Interest for 1 month = 1 paisa per 1 rupee (100 paise)

=> Rate of interest for 1 month = $$\frac{1}{100}\times100=1\%$$

Thus, rate of interest per annum = $$1\times12=12\%$$

=> Ans - (A)

Share on Whatsapp Share on Whatsapp

Create a FREE account and get: