Multiple Choice Questions on Sumit took a loan of Rs 1400 with simple interest for as many years as the rate of interest If he pa........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

Sumit took a loan of Rs 1400 with simple interest for as many years as the rate of interest If he pa...........

Quantitative Aptitude ( CCS) Simple Interest
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    Sumit took a loan of Rs. 1400 with simple interest for as many years as the rate of interest. If he paid Rs.686 as interest at the end of the loan period, what was the rate of interest?

    8%

    Incorrect Answer

    6%

    Incorrect Answer

    4%

    Incorrect Answer

    7%

    Correct Answer
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    Explanation:

    Let rate = R% 
    Then, Time, T = R years
    P = Rs.1400
    SI = Rs.686
    SI= PRT/100 ⇒ 686

    = 1400 × R × R/100 

    =686 = 14 R2

    =49 = R2 =7

    Hence, option 4 is the correct answer.

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