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Out of Rs.50,000, that a man has, he lends Rs.8000 at 5 1\2% per annum simple interest and Rs.24,000 at 6% per annum simple interest. He lends the remaining money at a certain rate of interest so that he gets total annual interest Rs.3680. The rate of interest per annum, at which the remaining money is lent
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Explanation:
Remaining amount=50,000−(8000+24000)=Rs.18000
Let rate of interest =R%
According to the question
8000\100×11\2×1+24000×6\100×1+18000×R\100=3680
44000\100+144000\100+18000R\100=3680
188000\100+18000R\100=3680
18000R\100=3680−1880
180R=1800
R=10%
Hence, Required Rate =10%