A loan shark made a loan of $100 to be repaid with $120 at the end of one month. What was the annual interest rate?

A loan shark made a loan of $100 to be repaid with $120 at the end

1.	A loan shark made a loan of $100 to be repaid with $120 at the end of one month. What was the annual interest rate?
A.	210%
B.	220%
C.	230%
D.	240%
Answer» E.

Discussion

No Comment Found

Related MCQs

If the sum of amount becomes 7 times in 20 years then find the rate of simple interest.
If the difference between the compound interest and simple interest on a certain sum of money for three years at 10% p.a. is Rs. 558, then the sum is:
A sum of ₹14000 is lent at compound interest (interest is compounded annually) for 3 years. If the rate of interest is 10%, then what will be the compound interest?
Find the difference between the compound interest and the simple interest on an amount of Rs.15000 at 8% per annum for 2 years.
Rahi deposited Rs. 700 in a bank that promised 6% simple interest per annum. If Rahi kept the money with the bank for 5 years, she will earn an interest of:
A certain sum amounts to Rs. 29282 in 4 years at 10% per annum, when the interest is compounded annually. What is the simple interest on the same sum for same time at the same rate?
A sum of Rs. 10000 amounts to Rs. 11664 in 2 years, at a certain rate percent per annum, when the interest is compounded annually. What will be the simple interest on the same sum for 27/5 years at the same rate?
If Rs.64 amounts to Rs. 83.20 in 2 years, what will Rs. 86 amount to in 4 years at the same rate per cent Simple Interest per annum?
Calculate the simple interest if Rs. 1800 is invested for 10 years at a rate of 5% per annum.A. Rs. 900B. Rs. 450C. Rs. 1800D. Rs. 2700
A sum of Rs. 50,000 is invested in a bank deposit for 1 year at an interest rate of 10% per annum, compounded on a half - yearly basis. What is the amount of interest at the end of 1 year?

A loan shark made a loan of $100 to be repaid with $120 at the end of one month. What was the annual interest rate?

Discussion

No Comment Found

Related MCQs

Reply to Comment