Home » Aptitude » Simple Interest

Arun took a loan of Rs. 29000 with simple interest for as many years as the rate of interest. If he paid Rs. 10440 as interest at the end of the loan period, what was the rate of interest?

Correct Answer: 6%

Explanation:

Principle amount = Rs. 29000


Interest = Rs. 10440


Let rate of interest = r%


=> So, time = r years


According to the question,


10440 = 29000 x r x r/100


290 x r x r = 10440


r x r = 1044/29 = 36


r = 6


 


Hence, the rate of interest = 6% and time = 6 yrs.


← Previous Question Next Question→

More Questions from Simple Interest

Discussion & Comments

No comments yet. Be the first to comment!
Join Discussion