1954 AHSME Problems/Problem 33

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A bank charges $\textdollar{6}$ for a loan of $\textdollar{120}$. The borrower receives $\textdollar{114}$ and repays the loan in $12$ easy installments of $\textdollar{10}$ a month. The interest rate is approximately:

$\textbf{(A)}\ 5 \% \qquad \textbf{(B)}\ 6 \% \qquad \textbf{(C)}\ 7 \% \qquad \textbf{(D)}\ 9\% \qquad \textbf{(E)}\ 15 \%$

Solution

See Also

1954 AHSC (ProblemsAnswer KeyResources)
Preceded by
Problem 32
Followed by
Problem 34
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