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Q:

A man purchased a cycle for Rs.3000/- and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.

A) Rs. 260 B) Rs. 240
C) Rs. 280 D) Rs. 300
 
Answer & Explanation Answer: C) Rs. 280

Explanation:
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Filed Under: Simple Interest
Exam Prep: Bank Exams

Q:

A sum of Rs. 1200 is lent to be paid back in 5 equal annual installments of Rs. 264 each. The rate of interest per annum is

A) 6% B) 8%
C) 2% D) 4%
 
Answer & Explanation Answer: C) 2%

Explanation:
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Filed Under: Simple Interest
Exam Prep: Bank Exams