Question 69

One-fourth of an amount was loaned at simple interest with 2% rate of interest and the remaining part was lent on simple interest at 3% rate of interest What is the average rate of interest for the whole amount ?

Solution

Let the amount be 100 Rs.

One fourth of it is at 2 % pa

So, 25 x 2 x 1 /100 = .5

The rest is on 3% pa interest.

So, 75 x 3 x 1 /100 = 2.25

So total interest = 2.75

Interest rate = ?

Interest rate = i x 100/ pt

= 2.75 x100/100 = 2.75%

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