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Rakesh borrowed rupees 5000 from a bank ABC at simple interest. He pays bank 3000 rupees at the end of 3 years and again he pays 2500 at the end of 5 years from the date of borrowing, Find the rate of interest charged by bank.
- a)50/21 %
- b)50/19 %
- c)50/23 %
- d)50/22 %
- e)None of these
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Rakesh borrowed rupees 5000 from a bank ABC at simple interest. He pay...
Answer – b) 50/19 % Explanation : Total money paid by rakesh = 3000 + 2500 = 5500 so total interest paid by rakesh is 500.
For the first three years 5000 will be the principal , then he returns rupees 3000 so fir the next 2 years 2000 will be principal. 500 = 5000*(r/100)*3 + 2000*(r/100)*2, u will get r = 50/19%
For the first three years 5000 will be the principal , then he returns rupees 3000 so fir the next 2 years 2000 will be principal. 500 = 5000*(r/100)*3 + 2000*(r/100)*2, u will get r = 50/19%
Most Upvoted Answer
Rakesh borrowed rupees 5000 from a bank ABC at simple interest. He pay...
Given:
Rakesh borrowed rupees 5000 from a bank ABC at simple interest.
He pays bank 3000 rupees at the end of 3 years.
He pays bank 2500 rupees at the end of 5 years.
To find:
The rate of interest charged by the bank.
Solution:
Let's assume the rate of interest charged by the bank is 'r%'.
Calculating the interest:
The interest for the first 3 years can be calculated as follows:
Interest = Principal * Rate * Time
Interest = 5000 * r * 3/100
Interest = 150r
The interest for the next 2 years can be calculated as follows:
Interest = Principal * Rate * Time
Interest = (5000 + 150r) * r * 2/100
Interest = 10r + 0.3r^2
Calculating the total amount paid:
Rakesh pays the bank 3000 rupees at the end of 3 years, so the total amount paid after 3 years is 5000 + 3000 = 8000 rupees.
Rakesh pays the bank 2500 rupees at the end of 5 years, so the total amount paid after 5 years is 8000 + 2500 = 10500 rupees.
Equating the total amount paid with the interest:
10500 = 5000 + 150r + 10r + 0.3r^2
Simplifying the equation:
0.3r^2 + 160r - 5500 = 0
Solving the above quadratic equation, we get:
r = (-b ± √(b^2 - 4ac)) / 2a
where a = 0.3, b = 160, c = -5500
Calculating the value of 'r' using the quadratic formula, we get:
r = (-160 ± √(160^2 - 4 * 0.3 * -5500)) / (2 * 0.3)
r = (-160 ± √(25600 + 6600)) / 0.6
r = (-160 ± √(32200)) / 0.6
r = (-160 ± 179.4) / 0.6
Taking the positive value for 'r', we get:
r = (-160 + 179.4) / 0.6
r = 19.4 / 0.6
r = 32.333...
Therefore, the rate of interest charged by the bank is approximately 32.33%.
Answer:
The correct option is 'B' i.e. 50/19%.
Rakesh borrowed rupees 5000 from a bank ABC at simple interest.
He pays bank 3000 rupees at the end of 3 years.
He pays bank 2500 rupees at the end of 5 years.
To find:
The rate of interest charged by the bank.
Solution:
Let's assume the rate of interest charged by the bank is 'r%'.
Calculating the interest:
The interest for the first 3 years can be calculated as follows:
Interest = Principal * Rate * Time
Interest = 5000 * r * 3/100
Interest = 150r
The interest for the next 2 years can be calculated as follows:
Interest = Principal * Rate * Time
Interest = (5000 + 150r) * r * 2/100
Interest = 10r + 0.3r^2
Calculating the total amount paid:
Rakesh pays the bank 3000 rupees at the end of 3 years, so the total amount paid after 3 years is 5000 + 3000 = 8000 rupees.
Rakesh pays the bank 2500 rupees at the end of 5 years, so the total amount paid after 5 years is 8000 + 2500 = 10500 rupees.
Equating the total amount paid with the interest:
10500 = 5000 + 150r + 10r + 0.3r^2
Simplifying the equation:
0.3r^2 + 160r - 5500 = 0
Solving the above quadratic equation, we get:
r = (-b ± √(b^2 - 4ac)) / 2a
where a = 0.3, b = 160, c = -5500
Calculating the value of 'r' using the quadratic formula, we get:
r = (-160 ± √(160^2 - 4 * 0.3 * -5500)) / (2 * 0.3)
r = (-160 ± √(25600 + 6600)) / 0.6
r = (-160 ± √(32200)) / 0.6
r = (-160 ± 179.4) / 0.6
Taking the positive value for 'r', we get:
r = (-160 + 179.4) / 0.6
r = 19.4 / 0.6
r = 32.333...
Therefore, the rate of interest charged by the bank is approximately 32.33%.
Answer:
The correct option is 'B' i.e. 50/19%.
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