Compound Interest

Quantitative Aptitude (IB)

Title

45:30

8 of 24 completed

5 of 15 completed

38 of 100 completed

8 of 20 completed

Indian Economy - Understanding the basics of Indian economic system

A Man lends Rs. 1540 for five years and Rs. 1800 for four years. If he gets Rs. 1788 as interest on both amounts, what is the rate of interest ?

10%

12%

15%

Solution:
Let the interest rate be r%
We know that,
S.I = PTR/100
=> (1540 x 5 x r)/100 + (1800 x 4 x r)/100 = 1788
=> r = 178800/14900 = 12%