Question

An amount of `12,000 was borrowed at simple interest, at an interest rate, After four months, `6000 more were added to it and the rate of interest on the total principal was doubled against the previous rate `2800 was paid as interest at the end of the year, calculate the rate of interest initially charged?

• A. 10%
• B. 12%
• C. 14%
• D. 16%

Answer 1

Answer: (A)