Practicing Success
Ram borrowed a sum of ₹5000 from bank at simple interest after 3 years he paid ₹300 to the bank and at the end of 5 years he paid ₹3300 and clear all his dues. Find the rate percent ? |
20% 12% 10% 15% |
10% |
Borrow amount = Rs.5000/- Total amount paid = 3000 + 3300 = Rs.6300/- Interest = 6300 - 5000 = Rs.1300/- Rate of interest = R Now, ATQ \(\frac{3000 × R × 3yr}{100}\) + \(\frac{2000 × R × 2yr}{100}\) ⇒ 1300 R=10% |