Ravi took a loan of Rs. 1 Lakh from SBI at the rate of $6 %$ per annum of simple interest for 10 years. After some time, the rate of interest dropped down to $4 %$ and as a result, Ravi paid only Rs. 1.48 lakhs at the end of the loan period. Number of years after which the rate of interest was decreased to $4 %$ is___

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Solution

He paid Rs. 48,000 interest in 10 years.
$\frac{48, 000}{1, 00, 000} \times 100 = 48 %$ in 10 years. So, $4.8 %$ in a year.

After 4 years the rate of interest was decreased to $4 %$

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He paid Rs. 48,000 interest in 10 years. 48,0001,00,000×100=48% in 10 years. So, 4.8% in a year. After 4 years the rate of interest was decreased to 4%

He paid Rs. 48,000 interest in 10 years.
$\frac{48, 000}{1, 00, 000} \times 100 = 48 %$ in 10 years. So, $4.8 %$ in a year.

After 4 years the rate of interest was decreased to $4 %$