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Question

Ravi lends Rs. 16000 to two of his friends. He gives Rs.8000 to the first at 15% p.a. simple interest. Ravi wants to make a profit of 20% on the whole. The simple interest rate at which he should lend the remaining sum of money to the second friend is

A 25% Correct Answer Incorrect Answer
B 12.5% Correct Answer Incorrect Answer
C 37.5% Correct Answer Incorrect Answer
D 6.25% Correct Answer Incorrect Answer
E 18.75% Correct Answer Incorrect Answer

Solution

Let Ravi lend the sum at x% rate to the second friend.  According to the question,  15% × 8000 + x% of 8000 = 20% of 16000 ⇒  15 × 80 + 80x = 20 × 160 ⇒  80x = 3200 – 1200 ⇒  80x = 2000  ⇒  x = 25  Hence, the required rate of interest is 25% p.a.

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