Question : Dalajit lent Rs. 10800 to Jaabir for 3 years and Rs. 7500 to Kabir for 2 years on simple interest at the same rate of interest and received Rs.1422 in all from both of them as interest. The rate of interest per year is:
Option 1: 3.5 percent
Option 2: 4 percent
Option 3: 3 percent
Option 4: 4.5 percent
Correct Answer: 3 percent
Solution :
Let's assume the rate of interest per annum as
Calculating Interest for Jaabir:
The principal amount lent to Jaabir = Rs. 10,800
Time period = 3 years
Rate of interest per annum =
Using the formula for simple interest,
Simple interest =
The interest received from Jaabir can be calculated as interest from Jaabir =
Calculating Interest for Kabir:
The principal amount lent to Kabir = Rs. 7,500
Time period = 2 years
Rate of interest per annum =
The interest received from Kabir can be calculated as interest from Kabir =
Total Interest Received:
The total interest received from both Jaabir and Kabir is given as Rs.1,422.
So, we can write the equation: Interest from Jaabir + Interest from Kabir = 1,422
⇒
⇒
⇒
⇒
Hence, the correct answer is 3%.
SSC CGL Complete Guide
Candidates can download this ebook to know all about SSC CGL.