Question

Mr. Joshi lent Rs. 5000 to Mr. Mehata for 2 years and Rs. 3000 to Mr. James for 4 years on simple interest at the same rate of interest and received Rs. 2200 in all from both as interest. The rate of interest per annum is​

Answer 1

Answer:

Rate of interest is 10%

Step-by-step explanation:

Let the rate of interest be x%

ATQ,

(5000*2*x)/100 + (3000*4*x)/100 = 2200

100x + 120x = 2200

220x = 2200

Therefore,

x = 10%