An amount of Rs. 12,000 was borrowed at some rate of simple interest. After four months, Rs. 6,000 more were added to it and the rate of interest on the total principal was doubled from the previous rate. At the end of the year, Rs. 2,800 was paid as interest, calculate the rate of interest initially charged?
A. 14%
B. 16%
C. 12%
D. 10%
Answer: Option D
Solution(By Examveda Team)
$$\eqalign{ & {\text{Let, Rate}} = 12x\% {\text{ per year}} \cr & \frac{{12000 \times 4x}}{{100}} + \frac{{18000 \times 16x}}{{100}} = 2800 \cr & 480x + 2880x = 2800 \cr & 3360x = 2800 \cr & x = \frac{{10}}{{12}} \cr & {\text{Rate}} = 12x \cr & = \frac{{10}}{{12}} \times 12 \cr & = 10\% \cr} $$Related Questions on Interest
Find the simple interest on Rs. 5200 for 2 years at 6% per annum.
A. Rs. 450
B. Rs. 524
C. Rs. 600
D. Rs. 624
Rs. 1200 is lent out at 5% per annum simple interest for 3 years. Find the amount after 3 years.
A. Rs. 1380
B. Rs. 1290
C. Rs. 1470
D. Rs.1200
E. Rs. 1240
Interest obtained on a sum of Rs. 5000 for 3 years is Rs. 1500. Find the rate percent.
A. 8%
B. 9%
C. 10%
D. 11%
E. 12%
Rs. 2100 is lent at compound interest of 5% per annum for 2 years. Find the amount after two years.
A. Rs. 2300
B. Rs. 2315.25
C. Rs. 2310
D. Rs. 2320
E. None of these
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