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Neena borrows Rs. 1500. The rate of simple interest is same as the number of years the money has been borrowed for. If she gives Rs. 540 as interest at the end of the stipulated period, the rate of interest p.c.p.a. will be
  • a)
    3.6
  • b)
    6
  • c)
    18
  • d)
    Cannot be determined
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
Neena borrows Rs. 1500. The rate of simpleinterest is same as the numb...
Let the No. of yrs for which the loan has been taken = x yrs
According to question Rate of Interest Applicable = x% pa
We know that, formula for simple interest: 

Where,
S.I. = Simple Interest = 540
P= principal = 1500
T = Time = x
R = Rate of Interest = x

⇒ 540 = 15x2
⇒ x2 = 36
Taking Square root on both sides
⇒ x = 6
⇒ Percent Per Annum (PCPA) = 6%
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Neena borrows Rs. 1500. The rate of simpleinterest is same as the number of years the money has been borrowed for. If she gives Rs. 540 as interest at the end of the stipulated period, the rate of interest p.c.p.a. will bea)3.6b)6c)18d)Cannot be determinedCorrect answer is option 'B'. Can you explain this answer?
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Neena borrows Rs. 1500. The rate of simpleinterest is same as the number of years the money has been borrowed for. If she gives Rs. 540 as interest at the end of the stipulated period, the rate of interest p.c.p.a. will bea)3.6b)6c)18d)Cannot be determinedCorrect answer is option 'B'. Can you explain this answer? for SSC 2024 is part of SSC preparation. The Question and answers have been prepared according to the SSC exam syllabus. Information about Neena borrows Rs. 1500. The rate of simpleinterest is same as the number of years the money has been borrowed for. If she gives Rs. 540 as interest at the end of the stipulated period, the rate of interest p.c.p.a. will bea)3.6b)6c)18d)Cannot be determinedCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for SSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Neena borrows Rs. 1500. The rate of simpleinterest is same as the number of years the money has been borrowed for. If she gives Rs. 540 as interest at the end of the stipulated period, the rate of interest p.c.p.a. will bea)3.6b)6c)18d)Cannot be determinedCorrect answer is option 'B'. Can you explain this answer?.
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