Multiple Choice Questions on Ravi borrows a sum of Rs 2000 at the beginning of a year After four months Rs 2600 more is borrowed ........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

Ravi borrows a sum of Rs 2000 at the beginning of a year After four months Rs 2600 more is borrowed ...........

Quantitative Aptitude ( CCS) Simple Interest
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    Ravi borrows a sum of Rs.2000 at the beginning of a year. After four months Rs.2600 more is borrowed at a rate of interest double the previous one. At the end of one year, the sum of interest on both the loans is Rs.494. What is the first rate of interest per annum?

    8.5%

    Incorrect Answer

    9%

    Incorrect Answer

    9.5%

    Correct Answer

    12%

    Incorrect Answer
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    Explanation:

    P = 2000
    Rate of Interest = x
    SI = 2000x/100 = 20x
    P = 2600
    Rate of Interest = 2x
    SI = 5200x/100 = 52x
    52x = 494
    x = 9.5%

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