Raju lent ₹ 400 to Ajay for 2 yr and ₹ 100 to Manoj for 4 yr and received from both ₹ 60 as collective interest, Find the rate of interest, simple interest being calculated.
Correct Answer: 5%
Explanation:
Let rate is R%
According to the question.
[(R x 400 x 2)/100] + [(R x 100 x 4)/100] = 60
⇒ 12R = 60
∴ R = 60/12 = 5%
