Ram borrowed a sum of ₹12000 from bank at simple interest after 2 years he paid ₹5000 to the bank and at the end of 5 years he paid ₹8550 and clear all his dues. Find the rate percent ?

5%

Borrow amount = Rs.12000/-

Total amount paid = 5000 + 8550 = Rs.13550/-

Interest = 13550 - 12000 = Rs.1550/-

Rate of interest = R

Now, ATQ

\(\frac{5000 × R × 2yr}{100}\) + \(\frac{7000 × R × 3yr}{100}\) ⇒ 1550

R = 5%