Exams › IBPS PO › Quantitative Aptitude

Reena took a loan of Rs. 1200 at simple interest for as many years as the rate of interest. If she paid Rs. 432 as interest at the end of the loan period, what was the rate of interest?

1. 3.6
2. 6
3. 18
4. Cannot be determined

Correct answer: 6

Solution

If rate = r% and time = r years, then SI = (1200 × r × r) / 100 = 432. This gives r^2 = 36, so r = 6.

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