Question Details

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)?

Options

A

8%

B

10%

C

12%

D

15%

Show Answer

Correct Answer :

Option A

8%

Solution :

The correct option is 8%.

Let the rate of interest per annum be R%.

The formula for Simple Interest (SI) is given by:

SI=P×R×T100

where:
P = Principal amount
R = Rate of interest per annum
T = Time period in years

Step 1: Calculate the interest received from Y.
Principal (P1) = ₹6,000
Time (T1) = 3 years

SI1=6000×R×3100=180R

Step 2: Calculate the interest received from Z.
Principal (P2) = ₹4,000
Time (T2) = 2 years

SI2=4000×R×2100=80R

Step 3: Calculate the total interest received.
Total Interest = SI1+SI2

We are given that the total interest received from both Y and Z is ₹2,000.

180R+80R=2000

260R=2000

R=2000260=100137.69%

Rounding off to the nearest integer, we get:

R8%

Therefore, the rate of interest per annum is 8%.

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