Question 60

A Man took a loan of ₹ 2400 to be paid back in 13 equal monthly installments of ₹ 200 each.If the rate of interest is simple, what is the rate percent?

Solution

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Let rate of interest = $$r\%$$ and principal sum = Rs. 2400

Simple interest for 13 months = $$\frac{P\times R\times T}{100}$$

=> $$\frac{2400\times r\times13}{12\times100}=200$$

=> $$26r=200$$

=> $$r=\frac{100}{13}\approx7.7\%$$

=> Ans - (D)

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