A lent ₹6000 to B for a duration of 3 years and ₹4000 to C for a period of 5 years, both at the same simple interest rate. In total, he received ₹2700 as interest from both borrowers. What is the rate of interest per annum?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 7.11%.
Let the rate of interest be R%.
SI = PRT/100
Given,
⇒ 180R + 200R = 2700
⇒ 380R = 2700
⇒ R = 7.11%