Ram borrowed a sum of ₹7000 from bank at simple interest after 3 years he paid ₹3000 to the bank and at the end of 5 years he paid ₹5450 and clear all his dues. Find the rate percent ?

5%

Borrow amount = Rs.7000/-

Total amount paid = 3000 + 5450 = Rs.8450/-

Interest = 8450 - 7000 = Rs.1450/-

Rate of interest = R

Now, ATQ

\(\frac{7000 × R × 3yr}{100}\) + \(\frac{4000 × R × 2yr}{100}\) ⇒ 1450

R= 5%