Latest Book Aptitude Question SOLUTION: a sum of rs.10 is lent to be returned in 11 monthly installmentsof re.1 each, interest being simple. The rate of interest is: a.100/11% b.10% c.11% d.240/11%

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(#M40038294) BOOK Numerical Ability question simple interest Keep an EYE

a sum of rs.10 is lent to be returned in 11 monthly installmentsof re.1 each, interest being simple. The rate of interest is:
a.100/11%
b.10%
c.11%
d.240/11%

Asked In Book Namrata Singh (9 years ago)

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Pradeep  (9 years ago)

240/11 % as 11 monthly installments of rs 1 each ;; 10 th month 1 ;; 9th month 1 .... ;; this becomes 10+9+8+7+6+5+4+3+2+1= 55 is the principal amount ;; 10 has to be paid in 11 months so 11*1=11 and 11-10=1 is the intrest then rate = 1 month =1/12 year ;; rate = 100* intrest / time * principal = 100*12/55*1= 1200/55= 240/11 %

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Prachi Sharda  (9 years ago)

P=rs 10
R=??
T=11 months
S.I.=1*11=rs 11

11=10*R*11/100
so R=10%

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