Asked in PPSC, FPSC and other one-paper exams (compiled from unofficial resources).
Financial MathematicsSimple and Compound Interest
Hassan borrowed $5000$ with simple interest for five years. He paid an extra $500$, then how much percent does he pay per annum?
- A.$1\%$
- B.$2.5\%$
- C.$2\%$Correct answer
- D.$5\%$
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Practice these MCQs in the appQuick fact: The rate of simple interest per annum is $2\%$.