Robin lend out Rs. 9 on the condition that the
loan
is payable in 10 months by 10 equal installments of Re. 1 each. Find the rate of interest per annum.
1. 22 %
2. 25 %
3. 26 %
4. 28 %

• Let the rate of interest per month be r
  
  Total amount repaid = Rs.10 interest = Re. 1
  
  r(9 + 8 + 7 + 6 + 5 + 4 + 3 + 2 + 1)/100 = 1
  
  
  r=100/45
  
  Rate of interest per annum = (100/45) 12 = 26 2/3%
• 10 years agoHelpfull: Yes(0) No(4)