Question

Pragya borrowed 5500 for 3 years and 7000 for 2 years at the same rate of interest. the total interest she had to pay was 1500. find the rate of interest​

Answer 1

Answer:

Pragya borrowed 5500 for 3 years and 7000 for 2 years at the same rate of interest. the total interest she had to pay was 1500. the rate of interest​ is 4.92%

Step-by-step explanation:

Simple interest = Principal × rate/100 × time

Now, let the interest rate be r

The interests for the two amounts will be:

5500 × r/100 × 3 = 165r

7000 × r/100 × 2 = 140r

At the end of the borrowing period, he pays a total interest of 1500.

So, we have that:

140r + 165r = 1500

305r = 1500

r = 1500/305 = 4.92%

The rate of interest is therefore 4.92%