Rakesh borrowed rupees 5000 from a bank ABC at simple interest He pays bank 3000 rupees at the end o...........

Quantitative Aptitude ( CCS) Simple Interest

Rakesh borrowed rupees 5000 from a bank ABC at simple interest. He pays bank 3000 rupees at the end of 3 years and again he pays 2500 at the end of 5 years from the date of borrowing, Find the rate of interest charged by bank.

50/21 %

50/19 %

50/23 %

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Explanation:

Total money paid by rakesh = 3000 + 2500 = 5500 so total interest paid by rakesh is 500.
For the first three years 5000 will be the principal , then he returns rupees 3000 so fir the next 2 years 2000 will be principal.
500 = 5000*(r/100)*3 + 2000*(r/100)*2, u will get r = 50/19%