Question

Shekhar borrowed Rupees 1000at S.I. and
returned it by 11 monthly equal instalments
of Rupees 100 each. The first instalment was
paid at the end of first month etc. The rate charged is what?​

Answer 1

Amount borrowed = 1000

Amount repayed = 1100

Therefore, SI taken = 1100 - 1000 = 100

SI = 100

P = 1000

R = ?

T = 11/12 yrs

SI = PRT/100

R =

$\frac{100 \times 100}{1000 \times \frac{11}{12} } = \frac{100 \times 100 \times 12}{1000 \times 11} = \frac{120}{11} = 10.9\%$

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