Mathematics · Interest Calculation
A person has to pay back ₹3,540 for borrowing ₹3,000 for 3 years, ₹6,720 for borrowing ₹6,000 for 2 years, and ₹6,500 for borrowing ₹5,000 for 5 years. Which type of interest rate system is being applied here?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1None of the above
- 2Variable interest
- 3Compound interest
- 4Simple interest✓
Correct answer
Simple interest
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