Question
Rohan deposited ₹500 for 2 years, ₹650 for 4 years and ₹1,300 for 6 years, at the same rate of interest. He received the total simple interest of ₹1,140. What is the rate of interest per annum?
The correct answer is
10%
Using the simple interest formula: SI = (P × R × T) ÷ 100
Total interest from all deposits:
(500 × R × 2) ÷ 100 + (650 × R × 4) ÷ 100 + (1300 × R × 6) ÷ 100 = 1,140
(1000R + 2600R + 7800R) ÷ 100 = 1,140
11,400R ÷ 100 = 1,140
R = (1,140 × 100) ÷ 11,400 = 10%
Thus, the correct answer is 10%.
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Important Questions from Simple Interest
- How long will it take for ₹1,500 to become ₹2,040 at a rate of 8% per annum simple interest?
- Find the simple interest (in ₹) if a sum of ₹400 is borrowed for 5.5 years at 12% per annum rate of interest.
- Find the simple interest (in ₹) if a sum of ₹400 is borrowed for 4.5 years at 8% per annum rate of interest.
Find the simple interest (in ₹) if a sum of ₹400 is borrowed for 5.5 years at 4% per annum rate of interest.
- Find the simple interest (in ₹) on ₹1,200 at an interest rate of 3% per month for 11 months.
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