The true discount on Rs. 2562 due in 4 months is Rs. 122. What is the interest percentage:_________?
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Answer: C. 15%
Explanation
Deriving the principal from the total amount and true discount establishes the base value of twenty four forty. Applying the simple interest formula with a four month time period yields the unknown rate variable. Solving the algebraic interest equation confirms an annual interest percentage rate of fifteen percent. The principal amount equals the total bill amount minus the true discount value. Time duration of four months converts to one third of a calendar year for rate calculations. Interest percentage formulas link principal, rate, time, and monetary interest amounts together.
Lending institutions evaluate short term loan agreements to determine annualized percentage yields. Financial accountants audit discounted notes receivable to ensure compliance with stated interest terms. Business analysts calculate borrowing costs for short term working capital financing facilities. Option a underestimates the interest rate by treating the time conversion factor incorrectly. Option b represents an intermediate calculation error during the rate isolation steps. Option d falls slightly short of the exact fifteenth percentage yield required by the data.
- Subject
- Mathematics
- Category
- Mathematics
- Topic
- —
- Difficulty
- medium
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