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Question
Arun lent ₹ 5,000 to Balaji for 2 years and ₹ 3,000 to Charles for 4 years on simple interest at the same rate of interest and received ₹ 2,200 in all from both of them as interest. Find the rate of interest per year
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Solution
Principal lent to Balaji P1 = ₹ 5000
Time n1 = 2 years
Let r be the rate of interest per year
Simple interest got from Balaji = `"Pnr"/100`
⇒ I1 = `(5000 xx 2 xx "r")/100`
Again principal let to Charles P2 = ₹ 3000
Time (n2) = 4 years
Simple interest got from Charles (I2) = `(3000 xx 4 xx "r")/100`
Altogether Arun got ₹ 2200 as interest.
∴ I1 + I2 = 2200
`(5000 xx 2 xx "r")/100 + (3000 xx 4 xx "r")/100` = 2200
100r + 120r = 2200
220r = 2200
r = `2200/220`
r = 10%
Rate of interest per year = 10%
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