Simple Interest

Quantitative Aptitude (CGL)

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Arya borrows rupees 6000 from a bank at SI. After 4 years she paid Rs 2500 to the bank and at the end of 5 years from the date of borrowing he paid Rs 4560 to settle the account. Find the rate of interest (approx)

3.25%

3.50%

3.85%

Explanation:

Total interest she paid = 6000*(r/100)*4 + 3500*(r/100)*1 = 275r
total interest = 2500 + 4560 – 6000 = 1060
so 1060 = 275r, r = 3.85% approx

By: Pranav Gupta

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