SSC MTS Model Paper 3

Question : 36 of 150

Marks: +1, -0

Nitya took a loan of Rs.5,00,000 with simple interest for as many years as the rate of interest. If he paid Rs.80,000 as interest at the end of the loan period, what was the rate of interest?

Validate

Solution:

Let Rate = R%, then time = R years
P = Rs.5,00,000, S.I = Rs.80,000

80,000 = { 500000 × { R } × { R } }/ { 100 }

⇒ R2 = 16 ⇒ R = 4%

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