Interest Rates

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BTGmoderatorRO: Moderator; Posts: 772; Joined: Wed Aug 30, 2017 6:29 pmFollowed by: 6 members

by BTGmoderatorRO » Fri Dec 29, 2017 8:10 am

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%

OA is D

I need the mathematical approach to this question.An Expert view will be highly appreciated. Thanks

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Source: Beat The GMAT — Problem Solving | Fri Dec 29, 2017 8:10 am

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