Practicing Success
A person lent Rs. 23000 to B for 3 years and Rs. 19000 to C for 4 years on simple interest at the same rate of interest and received Rs. 3625 in all from both of them as interest. What is the annual rate of interest? |
1.5 percent 3 percent 2.5 percent 4 percent |
2.5 percent |
Money lent to B: ⇒ Principle(P) = 23000, Rate(R) = R%, Time(T)= 3 years Money lent to C: ⇒ P = 19000, R = R%, T = 4 years ATQ, ⇒ I1 + I2 = 3625 ⇒ \(\frac{P_1\;×\;R_1\;×\;T_1}{100}\) + \(\frac{P_2\;×\;R_2\;×\;T_2}{100}\) = 3625 ⇒ \(\frac{23000\;×\;R\;×\;3}{100}\) + \(\frac{19000\;×\;R\;×\;4}{100}\) = 3625 ⇒ 690 R + 760 R = 3625 ⇒ 1450 R = 3625 ⇒ R = \(\frac{3625}{1450}\) = 2.5% |