Exams › SSC CGL (Prelims) › General
₹800 is lent at a certain rate of simple interest. After 4 months, another ₹1200 is lent at a rate which is twice the original rate. If the total simple interest after 1 year is ₹96, find the original rate.
- 4%
- 5%
- 8%
- 7%
Correct answer: 4%
Solution
The first ₹800 earns interest for 1 year at rate $r\%$. The second ₹1200 is lent after 4 months, so it earns interest for 8 months at rate $2r\%$. Adding both interests and equating to ₹96 gives $800\cdot r\cdot 1/100 + 1200\cdot 2r\cdot (8/12)/100 = 96$, which yields $r=4\%$.
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