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A lent 5000 to B for 2 years and 3000 to C for 4 years on simple interest at the same rate of interest and received 2200 in all from both as interest. The rate of interest per annum is?Options7%7.12%10%5%

Question

A lent 5000 to B for 2 years and 3000 to C for 4 years on simple interest at the same rate of interest and received 2200 in all from both as interest. The rate of interest per annum is?Options7%7.12%10%5%

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Solution

The problem involves simple interest calculation. The formula for simple interest is:

I = PRT/100

where: I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time period

From the problem, we know that A lent 5000 to B for 2 years and 3000 to C for 4 years. The total interest received from both is 2200. We can set up the following equation:

5000R2/100 + 3000R4/100 = 2200

Solving for R gives:

100R + 120R = 2200 220R = 2200 R = 2200 / 220 R = 10

So, the rate of interest per annum is 10%.

This problem has been solved

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