Free GRE Practice Questions

Question 1 of 1
ID: GRE-NEQ-18
Section: Quantitative Reasoning - Numeric Entry
Topics: Word Problems; Simple and compound interest
Difficulty level: Easy

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A man purchased a sports kit which was priced at \$300. If there was an option to make a down payment of \$180 and \$122 after a month, what was the effective annual rate of interest applicable on the instalment facility, assuming simple interest?

Numeric Answer:

General Hint: Enter the answer as an integer or a decimal in a single answer box. If two answer boxes are given, enter the answer as a fraction, with one box being the numerator and the other being the denominator. Read carefully whether the answer should rounded and make sure you round to the required degree of accuracy. Do not enter any symbols or characters in the box(es) provided.