A certain sum of money lent out at simple interest amount Rs 1380 in 3 years and Rs 1500 in 5 years ...........

Quant (SSC) Simple Interest

A certain sum of money lent out at simple interest amount Rs.1380 in 3 years and Rs. 1500 in 5 years. Find the rate percent per annum.

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Explanation:

If prinicipal = x and rate = r% p.a., then
1380 = x + x × 3 × r /100 ...........i
1500 = x + x × 5 × r /100 ...........ii
S.I. for two years = 1500 – 1380 = Rs. 120
∴ x × 2 × r /100 = 120
∴ xr /100 = 60 ..............iii
1200 × r /100 = 60
⇒ r = 6000 /1200 = 5% p.a.