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NIFT UG 2017 Question Paper with solutions

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Question : 73

Total: 150

Piyush takes a loan of ₹10,000. After 1 year, he takes another loan of ₹10,000 at double the rate of interest. If he has to pay interest at simple rate of interest & settles the loan by paying ₹23,600 at the end of two years, what is the initial rate of interest he has to pay?

8%
9%
10%
11%

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