Question : Kanchan lent INR 10,000 for 2 years and INR 5,000 for 4 years at the same rate of simple interest. If the total interest received by Kanchan is INR 2,000, then what was the rate of interest?
Option 1: 5%
Option 2: 2%
Option 3: 3%
Option 4: 4%
Correct Answer: 5%
Solution : Let's denote the rate of interest as $R$. The simple interest (SI) can be calculated using the formula $SI=\frac{P×R×T}{100}$, where P is the principal amount, R is the rate of interest, and T is the time in years. For the first loan of INR 10,000 for 2 years: $SI_1=\frac{10,000×R×2}{100}$ For the second loan of INR 5,000 for 4 years: $SI_2=\frac{5,000×R×4}{100}$ Also, The total interest received is the sum of the interest from both loans: $SI_1+SI_2=\frac{10,000×R×2}{100}+\frac{5,000×R×4}{100}$ Given that the total interest is INR 2,000: $\frac{10,000×R×2}{100}+\frac{5,000×R×4}{100}=2000$ ⇒ $200×R+200×R=2,000$ ⇒ $400×R=2,000$ ⇒ $R=5\%$ Hence, the correct answer is 5%.
Result | Eligibility | Application | Selection Process | Cutoff | Admit Card | Preparation Tips
Question : At some rate of Simple interest, A lent Rs. 6,000 to B for 2 years and Rs. 1,500 to C for 4 years and received 900 as interest from both of them together. The Rate of interest per annum was:
Question : Two equal sums are lent at 10% and 8% simple interest p.a. respectively, at the same time. The first sum was received 2 years earlier than the second one and the amount received in each case was INR 36,900. Each sum was ______.
Question : A sum amounts to INR 7,562 in 4 years and to INR 8,469.44 in 5 years, at a certain rate per cent per annum when the interest is compounded yearly. If INR 10,000 at the same rate of interest is borrowed for two years, then what will be the compound interest (in INR)?
Question : The rate of interest per annum at which the total simple interest of a certain capital for 1 year is equal to the total simple interest of the same capital at the rate of 5% per annum for 2 years, is:
Question : A sum amounts to INR 7,656 in 4 years and to INR 8,120 in 5 years at a certain simple interest rate percent per annum. The rate of interest is:
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile