alleryStart learning →The village moneylender charged Shyamal five per cent a month, which equals what per year?
A12 per cent
B5 per cent
C60 per cent
D36 per cent
Answer & Solution
Correct answer: C. 60 per cent
1. The trader later charged three per cent a month.
2. Five per cent a month is 60 per cent a year.
3. Informal loans are costly.
_Source: syllabus Understanding Economic Development, Chapter 3, Money and Credit._
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