Question

Reena took a loan of Rs. 1200 with simple interest for as many years as the rate of interest. If she paid Rs. 432 as interest at the end of the loan period, what was the rate of interest?


Options:
A .  3.6
B .  6
C .  18
D .  Cannot be determined
E .  None of these
Answer: Option B

Let rate = R% and time = R years.

Then, Reena Took A Loan Of Rs. 1200 With Simple Interest For As M... 1200 x R x R Reena Took A Loan Of Rs. 1200 With Simple Interest For As M... = 432 100

Reena Took A Loan Of Rs. 1200 With Simple Interest For As M... 12R2 = 432

Reena Took A Loan Of Rs. 1200 With Simple Interest For As M... R2 = 36

Reena Took A Loan Of Rs. 1200 With Simple Interest For As M... R = 6.


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