Home PYQs UPPSC UPPSC MCQs Prelims 2006 (GS Paper I)

Question

A man borrows Rs. 1200.00 from a bank for a period of 3 months. He finds that he his to repay Rs. 1236.00. The bank rate of interest is:

  1. 3%
  2. 6%
  3. 12%
  4. 24%

Answer:

Option C: 12%

Detailed Solution:

The correct answer is “12% ”.

Bank rate of interest is 12%.