robert lent rachael $5000 for 2 years and $3000 for 4 years at the same rate of interest. At the end, he received a total of $2200 as total simple interest. What was the rate of interest per annum?
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Answer:
10% per annum
Step-by-step explanation:
Let say interest rate = r % per annum
interest on $5000 = 5000 * r * 2 /100 = 100r
Interest on $3000 = 3000 * r * 4/100 = 120r
total interest = 100r + 120r = 220r
220 r = 2200
r = 10
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