Question
Download Solution PDFA person lent Rs. 12,000 to B for 3 years and Rs. 10,000 to C for 4 years on simple interest at the same rate of interest and received Rs. 6,080 in all from both of them as interest. What is the annual rate of interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal amount lent to B = Rs. 12,000
Time period for B = 3 years
Principal amount lent to C = Rs. 10,000
Time period for C = 4 years
Total interest received = Rs. 6,080
Formula used:
Simple interest = (Principal amount × Time period × Rate of interest)/100
Solution:
The total interest received is the sum of the interest received from B and the interest received from C.
Interest received from B = (12,000 × 3 × R)/100
Interest received from C = (10,000 × 4 × R)/100
6,080 = (12,000 × 3 × R)/100 + (10,000 × 4 × R)/100
6,080 = 360R + 400R
6,080 = 760R
R = 6,080 / 760
R = 8%
Therefore, the annual rate of interest is 8%.
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