Malik lent Rs. 1000 for 2 years, Rs. 1350 for 5 years , Rs. 1450 for 7

1.	Malik lent Rs. 1000 for 2 years, Rs. 1350 for 5 years , Rs. 1450 for 7 years and Rs. 1500 for 8 years at same rate of interest. He received Rs. 2472 as total simple interest, calculate rate of interest per annum.1. 4%2. 8%3. 6%4. 5%
Answer» Correct Answer - Option 2 : 8% Given: P₁ = Rs. 1000, N₁ = 2 Years P₂ = Rs. 1350, N₂ = 5 Years P₃ = Rs. 1450, N₃ = 7 Years P₄ = Rs. 1500, N₄ = 8 Years Formula used: I = PRN / 100 Where P = Principal amount, R = Rate of interest in %, N = Number of years, I = Interest earned Calculation: Here Total Interest = (P₁R₁N₁/ 100) + (P₂R₂N₂/ 100) + (P₃R₃N₃/ 100) + (P₄R₄N₄/ 100) ⇒ (1000 × 2 × R/100) + (1350 × 5 × R / 100) + (1450 × 7 × R / 100) + (1500 × 8 × R / 100) = 2472 ⇒ 20R + 67.5R + 101.5R + 120R = 2472 ⇒ 309R = 2472 ⇒ R = 8 ∴ The interest is 8% per annum.

Malik lent Rs. 1000 for 2 years, Rs. 1350 for 5 years , Rs. 1450 for 7 years and Rs. 1500 for 8 years at same rate of interest. He received Rs. 2472 as total simple interest, calculate rate of interest per annum.1. 4%2. 8%3. 6%4. 5%

Answer» Correct Answer - Option 2 : 8%

Given:

P₁ = Rs. 1000, N₁ = 2 Years

P₂ = Rs. 1350, N₂ = 5 Years

P₃ = Rs. 1450, N₃ = 7 Years

P₄ = Rs. 1500, N₄ = 8 Years

Formula used:

I = PRN / 100

Where P = Principal amount, R = Rate of interest in %, N = Number of years, I = Interest earned

Calculation:

Here Total Interest = (P₁R₁N₁/ 100) + (P₂R₂N₂/ 100) + (P₃R₃N₃/ 100) + (P₄R₄N₄/ 100)

⇒ (1000 × 2 × R/100) + (1350 × 5 × R / 100) + (1450 × 7 × R / 100) + (1500 × 8 × R / 100) = 2472

⇒ 20R + 67.5R + 101.5R + 120R = 2472

⇒ 309R = 2472

⇒ R = 8

∴ The interest is 8% per annum.

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