Question
Naina lent Rs. 9,800 to Mohini for 4 years and Rs. 8,800
to Mitali for 6 years on simple interest at the same rate of interest and received Rs. 11,040 in all from both as interest. The rate of interest per annum is.Solution
Let the rate of interest r % per annum According to the question, (9800 × 4 × r)/100 + (8800 × 6 × r)/100 = 11,040 ⇒ 392r + 528r = 11,040 ⇒ 920 r = 11,040 ⇒ r = 11040/920 = 12%
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