Multiple choice

Aman lent Rs 21600 to Sangram for 3 years and Rs 15000 to Pramod for 2 years on simple interest at the same rate of interest and received Rs 2844 in all from both of them as interest. The rate of interest per annum is:

  1. 3.5%

  2. 4%

  3. 3%

  4. 4.5%

  5. None of these
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Using SI = PRT/100 for both loans: For Sangram: 21600 x R x 3 / 100 = 648R. For Pramod: 15000 x R x 2 / 100 = 300R. Total interest = 648R + 300R = 948R = 2844. Solving: R = 2844/948 = 3. The rate is 3% per annum. The key is adding the interest amounts and solving for the common rate R.

Keep practicing — related questions