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Question of the Day | Quant #39

Question of the Day | Quant #39

Question of the Day

Quant #39

Ques.It is decided that a loan of Rs 10000 will be paid of @ Rs 800 per month in 15 equal installments. Find out the rate of interest taken a loan on?

1) 12%

2) 20%

3) 16%

4) 18%

 Option (3)

Number of installments = 15

Monthly payment = Rs800

Amount piad = 15 * 800 = 12000

Interest = 12000 – 10000 = 2000

Rate = (100 * 2000 * 1 * 4)/(1000 * 5) = 16%

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