Raju lent RS. 400 to Ajay for 2 yr and RS. 100 to Manoj for 4 yr and received from both RS. 60 as collective interest.Find the rate of interest, simple interest being calculated.
Correct Answer: Description for Correct answer:
According to the question,
\( \Large \frac{R\times 400\times 2}{100} \)+\( \Large \frac{R\times 100\times 4}{100} \)=60
=> 12R=60
R=\( \Large \frac{60}{12} \)=5%
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