Multiple Choice Questions on A borrows 5000 at simple interest At the end of 3 years he again borrows 3000 and finally pays 2340 ........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

A borrows 5000 at simple interest At the end of 3 years he again borrows 3000 and finally pays 2340 ...........

Quantitative Aptitude ( CCS) Simple Interest
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    A borrows 5000 at simple interest. At the end of 3 years, he again borrows 3000 and finally pays 2340 as interest after 6 years from the time he made the first borrowing. Find the rate of interest per annum.

    4

    Incorrect Answer

    5

    Incorrect Answer

    6

    Correct Answer

    7

    Incorrect Answer
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    Explanation:

    Let r be the rate of interest
    5000*3x/100 + 8000*3x/100 = 2340
    150x + 240x = 2340
    X = 6

    Hence, option 3 is the correct answer.

    By: Amit Kumar
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