X lent ₹6,000 to Y for 3 years and ₹4,000 to Z for 2 years, both at the same simple interest rate. In total, he received ₹2,000 as interest from both. What is the rate of interest per annum(nearest integer)?
Correct Answer :
8%
Solution :
The correct option is 8%.
Let the rate of interest per annum be %.
The formula for Simple Interest () is given by:
where:
= Principal amount
= Rate of interest per annum
= Time period in years
Step 1: Calculate the interest received from Y.
Principal () = ₹6,000
Time () = 3 years
Step 2: Calculate the interest received from Z.
Principal () = ₹4,000
Time () = 2 years
Step 3: Calculate the total interest received.
Total Interest =
We are given that the total interest received from both Y and Z is ₹2,000.
Rounding off to the nearest integer, we get:
Therefore, the rate of interest per annum is 8%.
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