Question

a man lend rs 80000 for 3 years and 60000 for 5 years at the same rate of interest he receives total interest of rs 29700 find the rate of interest ?

Answer 1

Answer:

₹92,610 is the correct answer

Answer 2

Answer:

the rate on both amounts is 5.5

Step-by-step explanation:

Given a man lend amount P = 80000, time period  T= 3 years

                                           P₁ = 60000, time period T= 5 years

the both amounts are taken at same rate let "R" be the rate

the total interest on both amounts =  29700

interest on 80000  =  $\frac{ PTR}{100}$  =  $\frac{80000(3)(R)}{100}$

                                             = 800(3)R

                                             = 2400R

interest on 60000 = $\frac{ 60000(5)(R)}{100}$ =  600(5)R

                                                  = 3000R

The total interest he received =  2400R + 3000R

                                                   = 5400R which is equals to 29700

     ⇒ 5400R = 29700

    ⇒ R = 29700/5400= 5.5

the rate on both amounts = 5.5