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Question 92
Amit borrows ₹7,000 at simple interest from the village money-lender. At the end of 3 years, he again borrows ₹3,000 and closes his account after paying ₹4,615 as interest after 8 years from the time he made the first borrowing. What is the rate of interest?
Solution
Let rate of interest be $$r\%$$
Amit borrows Rs. 7000 for 3 years and Rs. 10,000 for 5 years
Simple Interest = $$\frac{P\times R\times T}{100}$$
Total interest paid = $$(\frac{7000\times r\times3}{100})+(\frac{10,000\times r\times5}{100})=4615$$
=> $$210r+500r=4615$$
=> $$r=\frac{4615}{710}=6.5\%$$
=> Ans - (C)
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