A man borrows Rs.360 If he pays it back in 12 monthly installments of Rs.31.50, what is his interest rate?	Choose the correct option.
A) 1.5%	B) 4.5%	C) 10%	D) 5%	E) 12%
Instead of paying monthly 360/12= 
<gadget id="calculator">360/12</gadget>
<output>30</output>
30Rs, the man pays 31.50Rs. Therefore, the interest rate is 1.5/30= 0.5/10 = 5/100 = 5%.   Answer 5%
<result>D</result>
A man borrows Rs.360 If he pays it back in 12 monthly installments of Rs.31.50, what is his interest rate?