Reena Took a Loan of ₹1200 with Simple Interest for as Many Years as the Rate of Interest. If She Paid ₹432 as Interest at the End of the Loan Period, What Was the Rate of Interest? - Mathematics

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MCQ

Reena took a loan of ₹1200 with simple interest for as many years as the rate of interest. If she paid ₹432 as interest at the end of the loan period, what was the rate of interest?

Options

  • 3.6%

  • 6%

  • 18%

  • Data inadequate

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Solution

6%
Explanation : 
Let rate = r% and time = r yr

Then, `((1200xxrxxr)/100)=432`

⇒`12r^2=432⇒r^2=36⇒r=6%`

Concept: Simple and Compound Interest
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