Latest Bank Exam Aptitude Question SOLUTION: Ravi borrows a sum of Rs.2000 at the beginning of a year. After four months Rs.2600 more is borrowed at a rate of interest double the previous one. At the end of one year, the sum

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(#M40160060) BANK EXAM Numerical Ability question Keep an EYE

Ravi borrows a sum of Rs.2000 at the beginning of a year. After four months Rs.2600 more is borrowed at a rate of interest double the previous one. At the end of one year, the sum of interest on both the loans is Rs.494. What is the first rate of interest per annum?

Asked In Bank Exam shalini (7 years ago)

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Devendra Marghade  (7 years ago)

9.036%

Considering simple interest, let the rate=r%.
Here interest on first sum is for 12 months or 1 year and second sum is for 8 months or 2/3 year.
So total interest on both the sum = 2000*r*1/100 + 2600*2r*(2/3)/100 = 494
=> 20r + 104r/3 = 494
=> 164r = 3*494 or r=9.036

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