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Yogesh borrowed Rs. 12000 at simple interest for 5 years, If he paid Rs. 3600 as simple interest after 5 years, What is the rate of interest per cent per annum?

5
8
10
6

Correct Answer: 6

Explanation:

Rate = [(interest x 100) / (Principal x Time)] %
= (3600 x 100) / (12000 x 5)
= 6 %

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