1. One-fourth of an amount was loaned at simple interest with 2% rate of interest and the remaining part was lent on simple interest at 3% rate of interest What is the average rate of interest for the whole amount ?
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By: anil on 05 May 2019 02.41 am
Let the amount be 100 Rs. One fourth of it is at 2 % pa So, 25 x 2 x 1 /100 = .5 The rest is on 3% pa interest. So, 75 x 3 x 1 /100 = 2.25 So total interest = 2.75 Interest rate = ? Interest rate = i x 100/ pt = 2.75 x100/100 = 2.75%
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