Ranjit borrows a sum of Rs 6000 at the beginning of a year After 8 months Rs 2000 more is borrowed a...........

Quantitative Aptitude (CDS) Compound Interest

Ranjit borrows a sum of Rs.6000 at the beginning of a year. After 8 months Rs.2000 more is borrowed at a rate of interest double times the previous one. At the end of one year, the sum of interest on both loans is Rs.600. What is the first-rate of interest per annum?

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Explanation:

P = 6000
Rate of interest = x
SI = (6000 × x × 1)/100
= 60x
p = 8000
Rate of interest = 2x
SI = (8000×2× 4)/ 100×12 = 40x
40x+60x = 600
x = 600/100
x = 6%