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A lent Rs. 8400 to B for 3 years and Rs. 7200 to C for 4 years at the same rate of simple interest and received a total of Rs. 4050 from both as interest. The rate of interest per annum is _____.
1. 8%
2. 7%
3. 7.5%
4. 8.5%

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Correct Answer - Option 3 : 7.5%

Given:

A lent Rs. 8400 to B for 3 years at simple interest

A lent Rs. 7200 to C for 4 years at simple interest

Received interest = Rs. 4050

Formula Used:

Simple Interest = PRT/100

Where, P = Principal, R = Rate and T = Time 

Calculation:

Let the rate of interest be R% per annum

Now, According to the question

Interest paid by B to A = (8400 × R × 3)/100

⇒ Interest paid by B to A = 252R      ----(i)

Interest paid by C to A = (7200 × R × 4)/100

⇒ Interest paid by C to A = 288R      ----(ii)

On adding equation (i) and equation (ii) we get,

Interest paid by B and C to A = 252R + 288R

⇒ 540R

Now, According to the question

540R = 4050

⇒ R = 7.5

∴ The rate percent per annum is 7.5%

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