Multiple Choice Questions on Pragati took a loan of Rs 1600 with simple interest for as many years as the rate of interest ........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

Pragati took a loan of Rs 1600 with simple interest for as many years as the rate of interest ...........

Quantitative Aptitude ( CCS) Simple Interest
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     Pragati took a loan of Rs. 1600 with simple interest for as many years as the rate of interest. If she paid Rs. 484 as interest at the end of the loan period, what was the rate of interest?

     6%

    Incorrect Answer

     2.5%

    Incorrect Answer

     4%

    Incorrect Answer

     5.5 %

    Correct Answer
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    Explanation:

     Let rate = R% and time = R years.
    Then , 484 = ((1600 ×R ×R)/100)
    ⇒ R^2=(100 ×484)/1600
    ⇒ R = (10 × 22)/40
    ⇒ R = 5.5 %

    By: Rishu Sondhi
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