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Raju lent Rs. 400 to Ajay for 2 years and Rs. 100 to Manoj for 4 years and received together from both Rs. 60 as interest. Find the rate of interest, simple interest being calculated.
Answer & Solution
Correct Answer:
Option
A
$$\eqalign{
& {\text{Let}}\,{\text{rate}}\,{\text{is}}\,R\% \cr
& {\text{According}}\,{\text{to}}\,{\text{the}}\,{\text{question}}, \cr
& \left[ {\frac{{400 \times 2 \times R}}{{100}}} \right] + \left[ {\frac{{100 \times 4 \times R}}{{100}}} \right] = 60 \cr
& 8R + 4R = 60 \cr
& {\text{Hence}},\,R = 5\% \cr} $$
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