state gov Bihar SSC (BSSC) Inter Level Mock Test 2024 - 25 Quantitative Aptitude Interest Simple Interest
Amit borrowed a sum of ₹25,000 on simple interest. Bhola borrowed the same amount on compound interest (interest compounded yearly). At the end of 2 years. Bhola had to pay ₹160 more interest than Amit. The rate of interest charged per annum is:
1
\(\frac{16}{25} \%\)
2
\(\frac{8}{25} \%\)
3
8%
4
\(3\frac{1}{8} \%\)