Ravi took a loan of Rs. 1 Lakh from SBI at the rate of 6% per annum of simpl

Question

Ravi took a loan of Rs. 1 Lakh from SBI at the rate of

6 %

per annum of simple interest for 10 years. After some time, the rate of interest dropped down to

4 %

and as a result, Ravi paid only Rs. 1.48 lakhs at the end of the loan period. Number of years after which the rate of interest was decreased to

4 %

is___

Answer:
:
He paid Rs. 48,000 interest in 10 years.

\frac{48, 000}{1, 00, 000} \times 100 = 48 %

in 10 years. So,

4.8 %

in a year.

After 4 years the rate of interest was decreased to

4 %

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