Multiple Choice Questions on A person lends Rs 1540 for five years and Rs 1800 for four years If he gets Rs 1788 as interest on b........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

A person lends Rs 1540 for five years and Rs 1800 for four years If he gets Rs 1788 as interest on b...........

Quant (SSC) Simple Interest
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    A person 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 ?

    14.5%

    Incorrect Answer

    11%

    Incorrect Answer

    12%

    Correct Answer

    10.5%

    Incorrect Answer
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    Explanation:

    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%

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