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Mahajan lend out Rs 9 on the condition that the loan is payable in 10 months by 10 equal installments of Re 1 each. Find the rate of interest per annum.

A.	26 6/3%	B.	26 4/3%
C.	26 2/3%	D.	26 1/3%

Answer and Explanation

Answer:26 2/3%

Explanation:
Let the rate of interest per month be r
Total amount repaid = Rs 10, Interest = Re 1
(r/100)(9+8+7+6+5+4+3+2+1) = 1 =>r = 100/45
Rate of interest per annum = (100/45)12 = 26 2/3%

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