WBCS.LIVE practice question

Tarun Kumar took a loan of Rs. 24,000 at simple interest for the same number of years as the rate of interest. If he paid Rs. 19,440 as interest at the end of the loan tenure, what was the rate of interest?

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. 10%
  2. 9%
  3. 8%
  4. 8.5%

Correct answer and explanation

Correct answer: 9%