A person lends Rs. 1540 for five years and Rs. 1800 for four years. If he gets Rs. 1788 as interest on both amounts, what is the rate of interest ?

14.5%
11%
12%
10.5%

Correct Answer: 12%

Explanation:

Let the interest rate be r%

We know that,

S.I = PTR/100

=> (1540 x 5 x r)/100 + (1800 x 4 x r)/100 = 1788

=> r = 178800/14900 = 12%

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