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Megha's house loan of Rs 5 lakh carried an annual interest rate of:

A3 per cent
B12 per cent
C8.5 per cent
D60 per cent
Answer & Solution
Correct answer: B. 12 per cent
1. It was repayable over 10 years. 2. The rate was 12 per cent. 3. The house papers were collateral. _Source: syllabus Understanding Economic Development, Chapter 3, Money and Credit._
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