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ACTIVITY 3MINI QUIZ1. The interest at the rate of 10% per annum for 1 yearon Rs.12000 is Rs.1200. Therefore, if the repayment periodis 12 months, the EMI for loan will be (choose one)(a)(b)(c)exactly Rs.1100more than Rs.1100less than Rs.11002. Which of the following is most beneficial to a borrower?(a)(b)(c)(d)daily reducing balancemonthly reducing balancequarterly reducing balanceyearly reducing balance3. You have used your credit card on 20th of last monthand you receive a bill dated 5th of this month with duedate marked as 22nd of this month. The credit card billis for the period from 3rd of last month to 2nd of thismonth. If you pay the entire amount of the bill by 22ndof this month (which is the due date), you will be chargedinterest(a)(b)(c)(d)(e)from 20th of last month till 22nd of this monthfrom 20th of last month till the date of payment of thebillfrom 2nd of this month till 22nd of this monthfrom 2nd of this month till the date of payment of thebillno interest as you pay the entire amount by the due datei.e. 22nd of this month134