Question

Friends..Heres a ques on Simple Interest...Plz try to answer this...Hari & Ajit borrowed Rs 8000 and Rs 6250 respectively at the same rate of interest for 3 yrs. If Hari paid an interest of Rs 735 more than Ajit , find the rate of Interest per annum.

Answer 1

Let the interest rate be r
Then  interest on Rs 8000 in 3yr = 8000*r*3
                            Rs 6250 in 3yr =6250*r*3
We have            8000*r*3-6250*r*3=735
                                         1750*r*3= 735
                                                      r=14
Rate of interest is 14%