Question

Krithik borrowed Rs 3000 for 4 years and Rs 8000 for 2 ½ years from Raghav at the same rate of interest. The total interest earned by Raghav is Rs 2880. Find the rate of interest.

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Answer 1

Step-by-step explanation:

Krithik borrowed Rs 3000 for 4 years and Rs 8000 for 2 ½ years from Raghav at the same rate of interest. The total interest earned by Raghav is Rs 2880. Find the rate of interest.

Answer 2

hi mate,

The formula for calculating Simple Interest is : I = P x r x t

(Where I = Interest, P = Principal Amount, r = Rate of Interest & t = Time period)

krithik had borrowed two times from raghav

In the first case : P = Rs. 3000, r = ?, t = 4 years

In the second case : P =Rs. 8000, r = ?, t = 2.5 years

The total interest earned by Sonia = Rs.

2880, while the rate of interest being same for both the cases.

Therefore from the peoblem we get: I = P x r x t

2880 = (30 x r/1 x 4) + (80 x r/1 x 2.5)

2880 = 120r + 200r

r = 9%.

i hope it helps you.