Mr X borrowed ₹50,000 for 40 months. If he repaid ₹1,625 as monthly instalment, find the simple interest rate.

Subject: Mathematics | Topic: Arithmetic | Difficulty: MEDIUM

Options

1. (A) 9%
2. (B) 7.5%
3. (C) 8%
4. (D) 6.8%

Verified Answer

Option (A): 9%

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