A man borrows Rs.1.2 lakh from a bank at certain rate of simple interest at the beginning of year. After 4 months, he borrows Rs. 1.8 lakh more at double rate of interest. At the end of year, the total interest accrued on both the loans is Rs. 54000. What is the initial rate of interest per annum?
A man borrows Rs.1.2 lakh from a bank at certain rate of simple interest at the beginning of year. After 4 months, he borrows Rs. 1.8 lakh more at double rate of interest. At the end of year, the total interest accrued on both the loans is Rs. 54000. What is the initial rate of interest per annum?
Option 1 -
30 percent
Option 2 -
7.5 percent
Option 3 -
22.5 percent
Option 4 -
15 percent
Asked by Shiksha User
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1 Answer
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Correct Option - 4
Detailed Solution:Let the interest rate be r percent interest earned from 1.2 Lacs at the end of year
= 1,200,000 * r /100
= 1200r
From 1.8 lakh, = 8/12 * 1, 80,000 * 2r/100
= 2400r
Total interest = 3600r = 54000
r = 15 percent
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