Akash borrows Tk.600 and pays it back in 12 monthly payments of Tk. 61.75. What is his interest rate ?

Akash borrows Tk.600 and pays it back in 12 monthly payments of Tk. 61.75. What is his interest rate ? Correct Answer 23.5%

<math xmlns = "http://www.w3.org/1998/Math/MathML"><mn>9</mn><mo> + </mo><mn>1</mn><mo> = </mo><mn>10</mn><mo>;</mo><mfrac><mn>9</mn><mn>10</mn></mfrac><mo>&#xD7;</mo><mn>300</mn><mo>&#xA0;</mo><mo> = </mo><mo>&#xA0;</mo><mn>270</mn><mspace linebreak = "newline"/><mn>5</mn><mo> + </mo><mn>2</mn><mo> = </mo><mn>7</mn><mo>,</mo><mo>&#xA0;</mo><mfrac><mn>5</mn><mn>7</mn></mfrac><mo>&#xD7;</mo><mn>300</mn><mo> = </mo><mi>f</mi><mi>r</mi><mi>a</mi><mi>c</mi><mi>t</mi><mi>i</mi><mi>o</mi><mi>n</mi><mspace linebreak = "newline"/><mn>5</mn><mo> + </mo><mn>3</mn><mo> = </mo><mn>8</mn><mo>,</mo><mo>&#xA0;</mo><mfrac><mn>5</mn><mn>8</mn></mfrac><mo>&#xD7;</mo><mn>300</mn><mo> = </mo><mi>f</mi><mi>r</mi><mi>a</mi><mi>c</mi><mi>t</mi><mi>i</mi><mi>o</mi><mi>n</mi><mspace linebreak = "newline"/><mn>3</mn><mo> + </mo><mn>1</mn><mo> = </mo><mn>5</mn><mo>,</mo><mfrac><mn>3</mn><mn>5</mn></mfrac><mo>&#xD7;</mo><mn>300</mn><mo> = </mo><mn>180</mn><mo>;</mo><mfrac><mn>2</mn><mn>5</mn></mfrac></math>
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