New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Rahul borrowed Rs. 25,000 from City bank at a simple

    interest of 10% p.a. If he has to repay Rs. 28,750 after ‘p’ months to clear all his debts, find the value of ‘p’.
    A 25 Correct Answer Incorrect Answer
    B 18 Correct Answer Incorrect Answer
    C 11 Correct Answer Incorrect Answer
    D 19 Correct Answer Incorrect Answer

    Solution

    ATQ,

    Simple interest to be paid to bank = 28750 – 25000 = Rs. 3,750

    ATQ;

    3750 = (25000 × 10 × p) ÷ (1200)

    Or, p = 18

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