Multiple choice

Deepanshu lent Rs. 8400 to Jaipal for 15 years and Rs. 5100 to Kareem for 14 years on simple interest at the same rate of interest and received Rs. 17,766 in all from both of them as interest. The rate of interest per annum is

  1. 9.5 percent

  2. 10 percent

  3. 10.5 percent

  4. 9 percent
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Interest = (P1 * R * T1 / 100) + (P2 * R * T2 / 100). 17766 = (8400 * R * 15 / 100) + (5100 * R * 14 / 100). 17766 = 1260 * R + 714 * R. 17766 = 1974 * R. R = 17766 / 1974 = 9%.

AI explanation

Using the simple interest formula of Principal times Rate times Time divided by 100, the total interest equation is 8400 times R times 15 divided by 100 plus 5100 times R times 14 divided by 100 equals 17766. This simplifies to 1260R plus 714R equals 17766, meaning 1974R equals 17766, so the rate of interest per annum is 9 percent.

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