Question

Saurav lends rs12000to vikash for 4years and rs 30000 to naresh for 6years at the same rate of interest total interest he received from both is rs 2400 find the rate of interest

Answer 1

Answer: The Rate of Interest here is 1.05%

Step-by-step explanation:

Amount lent to Vikas = Rs. 12,000 for 4 years

Amount Lent to Naresh = Rs. 30,000 for 6 years

Total Interest earned = Rs. 2400

Let the rate of interest be X

SI in case of Vikas = $\frac{P*R*T}{100}$ $= \frac{12000*R*4 }{100} = 20*4*R = 480*R$

SI in case of Naresh = $\frac{3000*R*6}{100} = 300*R*6 = 1800*R$

Total SI = Rs. 2400

⇒ $480*R + 1800*R = 2400$

⇒ $2280*R = 2400$

⇒ $R = \frac{2400}{2280} = \frac{60}{57} = 1.05%$

Hence, by the above calculation, the Rate of Interest is 1.05%