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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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