Question : Two equal sums were lent out at 7% and 5% simple interest respectively. The interest earned on the two loans adds up to Rs. 960 for 4 years. The total sum lent out in:
Option 1: Rs. 3500
Option 2: Rs. 2500
Option 3: Rs. 2000
Option 4: Rs. 3000
Answer (1)
23rd Jan, 2024
Correct Answer: Rs. 2000
Solution :
If each amount lent be P, then
According to the question,
$\frac{\text{P×7×4}}{100}$+$\frac{\text{P×5×4}}{100}$ = 960
⇒ $\frac{\text{48P}}{100}$ = 960
⇒ P = Rs. 2000
Hence, the correct answer is Rs. 2000.
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