ABC26GN4084 · Simple Interest
Subject: General Aptitude · Chapter: Simple Interest · Exam: · Marks: · Difficulty:
A sum of ₹ 10 is lent to be returned in 11 monthly instalments of ₹ 1 each, interest being simple. The rate of interest is :
(a)$9 \frac{1}{11} \%$
(b)10\%
(c)11\%
(d)$21 \frac{9}{11} \%$
Answer
Explanation
₹ 10 + S.I. on ₹ 10 for 11 months $$\text { = ₹ } 11 \text { + S.I. on ₹ } 1 \text { for ( } 1+2+3+4+\ldots+10) \text { months } \begin{aligned} \Rightarrow \quad & ₹ 10+\text { S.I. on ₹ } 1 \text { for } 110 \text { months } \\ & =₹ 11+\text { S.I. on ₹ } 1 \text { for } 55 \text { months } \end{aligned}$$ ⇒ S.I. on ₹ 1 for 55 months = ₹ 1. $$\therefore \quad \text { Rate }=\left(\frac{100 \times 12}{1 \times 55}\right) \%=21 \frac{9}{11} \% .$$
Explanation as extracted from the printed page; notation may be imperfect.
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