A person deposited Rs.500 for 4 years and Rs.600 for 3 years at the same rate of simple interest in a bank. Altogether he received Rs.190 as interest. The rate of simple interest per annum was :

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Asked: January 2, 20222022-01-02T13:02:45+05:30 2022-01-02T13:02:45+05:30Category: Number Puzzles

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Mighty Ashish · Answer 1 · 2022-01-02T13:03:13+05:30

Explanation:

Let Rate of Interest = R \%

According to the question,

500×4×R\100+600×3×R\100=190

20R+18R=190

38R=190

R=5 \%

Hence, Required Rate \%=5 \%