Find the rate of interest if the amount owed after 9 months is Rs.1200, borrowed amount being Rs.10

M4maths Previous Puzzles

19 Mar 2021 Interest

Find the rate of interest if the amount owed after 9 months is Rs.1200, borrowed
amount being Rs.1000.

OPtion

1) 25%
2) 26%
3) 26.66%
4) 25.55%
5) 30%
6) 30.50%
7) 28.50%
8) 27%
9) 27.50%
10) None of the above

Solution

We know A = P + Pit
i.e. 1200 = 1000 + 1000 × i × 9/12
200 = 750 i
i = 200/750 = 26.66%

Correct Option: 3 Best Solution (2)