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    Question

    A sum of Rs.15 is lent to be returned in 16 months

    installments of Rs.1 each, interest simple. The rate of interest is: -
    A 42.85% Correct Answer Incorrect Answer
    B 13.18% Correct Answer Incorrect Answer
    C 11.42% Correct Answer Incorrect Answer
    D 10% Correct Answer Incorrect Answer

    Solution

    Net Interest = 16 - 15 = Rs. 1 1 = (15 + 14 …..1) x R x 1/(12 x 100) 1= 120 x R/1200 R = 1200/120 = 10 % 

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