Multiple choice

Vikram borrowed Rs. 5000 from Sumit for 2 years. Sameer borrowed Rs. 3000 from Sumit for 4 years. They paid Rs. 2200 in total at the same rate of interest. Calculate the rate of interest.

  1. 10%

  2. 20%

  3. 30%

  4. 40%

  5. 50%
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A Correct answer
Explanation

Total interest = 2200. Let R be the rate. (5000 * R * 2)/100 + (3000 * R * 4)/100 = 2200. 100R + 120R = 2200, so 220R = 2200, R = 10%.

AI explanation

Using the simple interest formula, the total interest paid is 5000 times 2 times r divided by 100 plus 3000 times 4 times r divided by 100, which equals 2200. This simplifies to 100r plus 120r = 2200, resulting in 220r = 2200. Solving for r gives a rate of 10%.

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