A man borrows Rs. 1200.00 from a bank for a period of 3 months. He finds that he has to repay Rs. 1236.00. The bank rate of interest is:

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Question:
A man borrows Rs. 1200.00 from a bank for a period of 3 months. He finds that he has to repay Rs. 1236.00. The bank rate of interest is:

1. 3%

2.6%

3.12%

4.24%


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