Question

what is the rate of interest for 100 rs for 1 year and 1 month? interest for 100 rs for 1 month is 1rupees​

Answer 1

Answer:

Even I had this until I came out of college.this question is very common when we speak interest interms of % while in reality people speak in Rupee (like 1 rupee interest or 2 rupee interest)

Coming to the answer,

1 rupee interest means 1rupee is paid as interest per Month for every 100 rupees borrowed. i.e., 1% per month, amounting to 12% annum. Likewise 2 rupee interest means 24% ROI per annum.

So if someone says some XRupee interest, multiply it by 12% so you understand easily.

Hope you got it.