Vikram borrows a sum of Rs 1500 at the beginning of a year After four months Rs 2100 more is borrowe...........

Quantitative Aptitude ( CCS) Simple Interest

Vikram borrows a sum of Rs.1500 at the beginning of a year. After four months Rs.2100 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.416. What is the first rate of interest per annum?

5.5%

4.5%

6.7%

9.67%

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Explanation:

P = 1500
Rate of Interest = x
SI = 1500x/100 = 15x
P = 2100
Rate of Interest = 2x
Time is 8 months so in years = 8/12
SI = (2100*2*8)x/1200 = 28x
43x = 416
x = 9.67%