A man borrowed two sums of ₹1,000 and ₹1,500 which are to be returned in 3 years and 4 years respectively at the same rate of interest. If the total interest payable is ₹1,350, then find the annual rate of interest.?

8%
15%
10%
12%

LohaHridoy

5 views

2025-01-04 04:42

1 Answers

AhmedNazir

Option 2 : 15%

Given:

A man borrowed two sums of ₹1,000 and ₹1,500

Returned in 3 years and 4 years respectively at the

Same rate of interest.

Formula used:

Interest(I)/Price(P) = Rate(R) × times(T)/100

Calculation:

⇒ I/P = RT/100

⇒ I₁/1000 = 3 × R/100

⇒ I₁ = 30 R ----(1)

⇒ I₂/1500 = 4R/100

⇒ I₂ = 60R ----(2)

From the equation (1) and (2)

⇒ I₁ + I₂ = 30R + 60R

⇒ 90 R

⇒ 1350 = 90 R

⇒ 15%

∴ The annual rate of interest is 15%.

5 views Answered 2022-09-04 04:29

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