NIFT UG 2015 Question Paper with solutions

Question : 52 of 150

Marks: +1, -0

Reema took a loan of ₹120000 on simple interest for as many years as the rate of interest. If she paid ₹58800 as interest at the end of the loan period, then the rate of interest is

Validate

Solution:

Let, rate of interest ‘r’ = time = t
Then,

S.I=\text "prt"/100

⇒58800={120000×t×t}/{100}

t^{2}={58800×100}/{120000}=49

∴\;t=√{49}=7

Hence, rate of interest = 7%.

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