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A man invested Rs.1000 on a simple interest at a certain rate and Rs.1500 at 2% higher rate. The total interest in three years is Rs.390. What is the rate of interest for Rs.1500?

A) 6%
B) 5%
C) 4%
D) 8%

Correct Answer:

A) 6%

Description for Correct answer:
Let Interest Rate on Principal of Rs.1000 = \( \Large R_{1} \)

and on principal of Rs.1500 as \( \Large R_{2} \)

Then the Interest ratio is = \( \Large \frac{1000 \times 3 \times R_{1}}{100} : \frac{1500 \times 3 \times R_{2}}{100} \)

= \( \Large 30R_{1} : 45R_{2}\)

\( \Large 30R_{1} : 45R_{2} = 390 \)

\( \Large 180 : 210 = 6 : 7 = 390\)

So, on Principal of Rs.1500 for 3 years interest received = Rs.180

Rate of Interest for one year on principal of Rs.1500 = Rs.60 = 6%

Part of solved Simple and compound interest questions and answers : >> Aptitude >> Simple and compound interest

Comments

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