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Two people X and Y lent Rs. 3700 and Rs. 4000 respectively to Z for 5 years at certain rate of simple interest. If Z returned interest of Rs. 174 more to Y than what interest he returned to X, then calculate the rate of interest.

Two people X and Y lent Rs. 3700 and Rs. 4000 respectively to Z for 5 years at certain rate of simple interest. If Z returned interest of Rs. 174 more to Y than what interest he returned to X, then calculate the rate of interest. Correct Answer 58/5%

Let us assume the rate of interest be R%.

We know the formula for simple Interest,

SI = (P × R × T)/100

Where,

SI = Simple Interest

P = Principle

R = Rate of Interest

t = Time period

⇒ Interest paid by Z to X = (3700 × R × 5)/100

⇒ ? = 185R

And interest paid by Z to Y = (4000 × R × 5)/100

⇒ ? = 200R

Given that,

Interest returned to Y = Interest returned to X + 174

⇒ 200R = 185R + 174

⇒ 200R - 185R = 174

⇒ 15R = 174

∴ R = 11.6% = 58/5%

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