Question : At the same rate of simple interest sum of the interest of Rs. 300 for 4 years and the interest of Rs. 400 for 3 years is 120. The rate of interest is:
Option 1: 5%
Option 2: 4%
Option 3: 6%
Option 4: 10%
Correct Answer: 5%
Solution :
Given: At the same rate of simple interest, the sum of the interest of 300 for 4 years and the interest of 400 for 3 years is 120.
We know that simple interest (SI) = $\frac{P×R×T}{100}$ Where $P$ is the principal amount, $R$ is the rate of interest per annum and $T$ is the time in years.
So, $\frac{300 \times R\times 4}{100} + \frac{400 \times R\times 3}{100} =120$
⇒ $12R + 12R = 120$
⇒ $24R = 120$
⇒ $R = \frac{120}{24}$
⇒ $R = 5$%
Hence, the correct answer is 5%.
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