A man lends out Rs.9000 on the condition that the loan is payable in 10 months by 10 equal instalment of Rs.1000 each. Find the rate percent simple interest.

Explanation:

The borrower keeps Rs.1000 for 9 months + Rs.1000 for 8 months + Rs.1000 for 7 months + Rs.1000 for 7 months + Rs.1000 for 6 months + Rs.1000 for 5 months + Rs.1000 for 4 months + Rs.1000 for 3 months + Rs.1000 for 2 months + Rs.1000 for one month

Therefore, S.I. for Rs.100 for (9+8+7+6+5+4+3+2+1) months

Therefore, S.I. for Rs.1000 for 45 months.

S.I. = Rs.1000

Therefore, 1000=1000×45×R\12×100

R=12×100\45=80\3=26 2\3%