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Sudhir took a loan of Rs15,000 on simple interest for as many years as the rate of interest.If he paid Rs7,3500 as interest at the
end of the loan period, then what was the rate of interest per annum?
15%
49%
10%
7%
Certainly! Let's break it down:
- Sudhir took a loan of Rs15,000.
- He paid Rs73,500 as interest.
- The loan's period and the rate of interest are numerically the same.
- Using the formula for simple interest: Interest = Principal × Rate × Time.
- Substituting in the values: 73,500 = 15,000 × Rate × Rate.
- This simplifies to: Rate² = 73,500 / 15,000.
- Solving this, Rate² = 4.9, thus Rate = 7%.
Option 4: 7% is the correct answer.
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