Question

Madhav lent out Rs 7953 for 2 years and Rs 1800 for 3 years at the same rate of simple interest If he got Rs 2343.66 as total interest then find the percent rate of interest

Answer 1

Let the percent rate of interest be x % $=\frac{7953\times 2\times x}{100}=\frac{15906}{100}\times x$

and interest on Rs.1800 for 3 years at the rate of x% $=\frac{1800\times 3\times x}{100}=54x$

According to problem $\frac{15906x}{100}+54x=2343.66$

$\Rightarrow \frac{15906x+5400x}{100}=\frac{234366}{100}\Rightarrow 21306x=234366$

$\Rightarrow x=\frac{234366}{21306}\Rightarrow x=11\%$

Hence the required rate of interest = 11%