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?
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%.
Important Questions from Simple Interest
If ₹12,800 is invested in a bank for 5 years at the rate of 9% per annum simple interest. what amount is returned by the bank?
Somu has borrowed ₹10,000 from a money lender with simple interest at a rate of 7% half yearly. How much amount will he pay to the money lender after 3 years?
Find the Simple interest on Rs. 2,400 from 20 March 2019 to 31 may 2019 at \(6{1 \over 4}\) % rate?
If the simple interest for five years is equal is 35% of the principal, that rate of interest is:
A sum fetched a simple interest of Rs. 3,040 at the rate of 8% p.a in 5 years. what is the sum?
