Question

(d) 9 %
15. A sum of Rs. 100 is lent and to be returned in 11
monthly installments of Rs. 10 each, interest being
simple. The rate of interest is
(a) 11% (b) 21% (c) 10%
12​

Answer 1

Answer:

(a) 11%

Step-by-step explanation:

Principal (P) = ₹100

Time (T) = 11 months = 11/12 years

Amount (A) = ₹10 × 11 = ₹110

Simple Interest (SI) = A-P = ₹110 - ₹100 = ₹10

Let the Rate charged be R.

SI = PRT/100

=> 10 = 100 × R × 11/12 × 1/100

=> R = 10 × 12/11

=> R = 120/11 = 10.9%

=> R = 11%