Exams › SSC CGL (Prelims) › General
X lent ₹6,000 to Y for 3 years and ₹4,000 to Z for 2 years, both at the same simple interest rate. In total, he received ₹2,000 as interest from both. What is the rate of interest per annum (nearest integer)?
- 8%
- 10%
- 12%
- 15%
Correct answer: 8%
Solution
Total simple interest = \(\frac{6000\times 3\times r}{100} + \frac{4000\times 2\times r}{100}\) = \(\frac{26000r}{100}\). This equals 2000, so r = 2000×100/26000 ≈ 7.69, which rounds to 8%.
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