Reena took a loan of Rs. 1200 with simple interest for as many years as the rate of interest. If she paid Rs. 588 as interest at the end of the loan period, what was the rate of interest? Choose the correct choice from the following choices:
A) 7
B) 6
C) 18
D) 24
E) None of these
Let rate = R% and time = R years.   Then, (1200 x R x R)/100 = 588   12R2 = 588   R2 = 49   R = 7.   7nswer: Option 7
<result>A</result>
Reena took a loan of Rs. 1200 with simple interest for as many years as the rate of interest. If she paid Rs. 588 as interest at the end of the loan period, what was the rate of interest?