A man borrows Rs.360. If he pays it back in 12 monthly installments of Rs.31.50, what is his interest rate?
A. 1.5%
B. 4.5%
C. 10%
D. 5%
Answer:D
A man borrows Rs.360. If he pays it back in 12 monthly installments of Rs.31.50, what is his interest rate?
A. 1.5% B. 4.5% C. 10% D. 5%