Question

A borrows 5000 at simple interest. At the end of 3 years, he again borrows 3000 and finally pays 2340 as interest after 6 years from the time he made the first borrowing. Find the rate of interest per annum

Answer 1

According to question ,

Amount of 5000 is kept for 6 years i.e interest is to be paid for 6 years

And , Amount of 3000 is kept for 3 years i.e. interset is to be paid for 3 years

Let rate of interst per annum be $x$%

Then According to question $\frac{x}{100}\times$ ($5000\times 6+3000\times 3$)=$2340$

Solving we get $x=6$%