Latest self Aptitude Question SOLUTION: A sum of rs 10 is lent to be returned in 11 monthly installment of re 11. rate of interest ?

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A sum of rs 10 is lent to be returned in 11 monthly installment of re 11. rate of interest ?

SHRESTH (10 years ago)

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vinayak Musle  (9 years ago)

Explanation :

Amount borrowed = Rs.10

Let rate of interest = R%

Simple Interest for Rs.10 for 11 months at R% = )10×R×11)/12*100=10*R/1200
i.e., 10+10R/1200 is due in 11 months

Payment after 1st month = Rs.1

Interest for this Rs.1 for the remaining 9 months = 1×R×10/1200

Payment after 2nd month = Rs.1

Interest for this Rs.1 for the remaining 8 months = 1×R×9/1200⋯

Payment after 9th month = Rs.1

Interest for this Rs.1 for the remaining 1 month = 1×R×11/1200

Payment after 11th month = Rs.1 and this closes the loan

10+100R/1200=11×1+1×R×10/1200+1×R×9/1200+⋯

solve this
u will get 21 9/11⎞⎠⎟⎟

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Dr.Dipin Singh  (10 years ago)

Is the sum Rs 10 or Rs 100 ?

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saurav mohan  (10 years ago)

A sum of Rs 10 is lent to be returned in 11 monthly instalments of Re 1 each,interest being simple.The rate of interest is?
a)100/11 b)10 c)11 d)240/11
please somebody explain this..

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