Question 22367: Respected sir,please help me to solve simple interest problem
Rahul lends Rs. 3000 to Kishan and Rs. 1800 to Uma for 3 years. The rate of interest he charges Uma is 2% more than Kishan. If the total interest received from the both is Rs. 1836, find the two rate of interests.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! The interest formula you need is Interest = (Principal)*(rate)*(time)
For Kishan you have Principal is 3000, rate is "x", time is 3yrs.
So Kishan interest is 9000x
For Uma you have Principal is 1800, rate is "(x+0.02)", time is 3yrs.
So Uma interest is 5400(x+0.02) = 5400x + 108
Equation:
Kishan int. + Uma int. = 1836
9000x + 5400x +108 = 1836
14400x = 1836
x = 0.12
So, the two interest rates are 12% and 14%
Cheers,
Stan H.
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