Ben took out ₹ 1000 as loan from a bank. After one year he had to pay back ₹ 1200. Then the interest rate is
20

Open in App

Solution

The correct option is A 20
Given,
Principal = ₹ 1000
Amount = ₹ 1200

Now,
Interest accumulated over one year is = ₹ 1200 - ₹1000= ₹ 200

Then, the rate of interest is
$\frac{200}{1000} \times 100 = 20 %$

Suggest Corrections

Similar questions

Karan took a loan from a bank at the rate of 12% p.a. simple interest. After a period of 3 years, he had to pay Rs. 5400 as interest. What was the principal amount borrowed by him?

Q. A person took out a loan of ₹16,000 from a bank which charges interest compounded quarterly. The annual rate of interest is 10%. How much should be pay back after 9 months to settle the loan.

Can you calculate?

Leela took a loan of Rs 50000 from the Cooperative Bank. The interest rate is 12%. How much should she pay back after 2 years?

Q. A man took a loan of ₹23100 from the bank. He paid back ₹25320 after one year. How much money did the bank earn as an interest?

Q. Nitin took a loan of ₹70,000 and after a year he has to pay the bank an amount of ₹81,345. How much interest is he paying to the bank?

Join BYJU'S Learning Program

Ben took out ₹ 1000 as loan from a bank. After one year he had to pay back ₹ 1200. Then the interest rate is 20

The correct option is A 20Given, Principal = ₹ 1000 Amount = ₹ 1200 Now, Interest accumulated over one year is = ₹ 1200 - ₹1000= ₹ 200 Then, the rate of interest is 2001000×100=20 %

Ben took out ₹ 1000 as loan from a bank. After one year he had to pay back ₹ 1200. Then the interest rate is
20

The correct option is A 20
Given,
Principal = ₹ 1000
Amount = ₹ 1200

Now,
Interest accumulated over one year is = ₹ 1200 - ₹1000= ₹ 200

Then, the rate of interest is
$\frac{200}{1000} \times 100 = 20 %$