Bank Exam Government Jobs Exams Numerical Ability Simple & Compound Interest

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?

Read Solution (Total 1)

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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