SOLUTION: mohan lends rs 4800 to john for 25/4 years and rs 2500 to shyam for 6 years and receives a total sum of rs 2196 as interest. find the rate per cent per annum, it being the same in

Question 316446: mohan lends rs 4800 to john for 25/4 years and rs 2500 to shyam for 6 years and receives a total sum of rs 2196 as interest. find the rate per cent per annum, it being the same in both the cases
Answer by moshiz08(60) (Show Source): You can put this solution on YOUR website!
The formula for simple interest is Interest = Principle * Rate * Time
(I = P*R*T)
The interest from John is
and the interest from Shyam is
So the total interest is .
Thus .
Dividing by 45000 gives ,
so Mohan must have lent them money at 4.88% interest rate.
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