A person takes loan of 4,000 on the condition that he would pay it in the monthly instalment of 500. He has to pay interest @ 6% on the outstanding balances, then find out the average rate of interest received by the creditor.

A person takes loan of 4,000 on the condition that he would pay it i

1.	A person takes loan of 4,000 on the condition that he would pay it in the monthly instalment of 500. He has to pay interest @ 6% on the outstanding balances, then find out the average rate of interest received by the creditor.
A.	<table><tr><td rowspan="2">3</td><td style="border-bottom:1px solid #000000;vertical-align:bottom;padding-bottom:2px;"><center>3</center></td><td rowspan="2">% Per annum</td></tr><tr><td style="text-align: center;">8</td></tr></table>
B.	<table><tr><td rowspan="2">2</td><td style="border-bottom:1px solid #000000;vertical-align:bottom;padding-bottom:2px;"><center>3</center></td><td rowspan="2">% Per annum</td></tr><tr><td style="text-align: center;">8</td></tr></table>
C.	<table><tr><td rowspan="2">4</td><td style="border-bottom:1px solid #000000;vertical-align:bottom;padding-bottom:2px;"><center>3</center></td><td rowspan="2">% Per annum</td></tr><tr><td style="text-align: center;">8</td></tr></table>
D.	<table><tr><td rowspan="2">3</td><td style="border-bottom:1px solid #000000;vertical-align:bottom;padding-bottom:2px;"><center>1</center></td><td rowspan="2">% Per annum</td></tr><tr><td style="text-align: center;">8</td></tr></table>
Answer» B. <table><tr><td rowspan="2">2</td><td style="border-bottom:1px solid #000000;vertical-align:bottom;padding-bottom:2px;"><center>3</center></td><td rowspan="2">% Per annum</td></tr><tr><td style="text-align: center;">8</td></tr></table>

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A person takes loan of 4,000 on the condition that he would pay it in the monthly instalment of 500. He has to pay interest @ 6% on the outstanding balances, then find out the average rate of interest received by the creditor.

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