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Rajan lent Rs. 1200 to Rakesh for 3 years at a certain rate of interest and Rs. 1000 to Mukesh for the same time at the same rate. If he gets Rs. 50 more from Rakesh than from Mukesh, then find the rate percent.

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answer is A.

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Detailed Solution

Formula of finding the interest is:

P - principal amount A - amount of interest
In the given problem Rajan gave Rakesh 1200 rupees at a rate of r for 3 years.
We put the values,

Where,

is the interest for Rakesh.

Rajan gave Mukesh 1000 rupees at a rate of r for 3 years.
Then we put the values,

Where,

is the interest for Rakesh.
We get,

The difference of those two terms is:

which is equal to 50.
We get:

Therefore, The rating percentage is:

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