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Maths-

General

Easy

Question

Two equal sums were lent out at 7% and 5% respectively, the interests earned on the two loans add up to Rs 960 for 4 years. Find the total sum lent out.

hint Hint:

First we will try to find out interest per year then we will find the total sum lent.

The correct answer is: 4000 Rupees

Complete step by step solution:
Given that interest earned on two loans for 4 years = Rs 960
So, interest earned for 1 year = $960 over 4$ =240 Rs…(i)
It is given that two equal sums were lent out at 7% and 5%.
So, total interest rate for one year = $7 straight percent sign plus 5 straight percent sign equals 12 straight percent sign$ …(ii)
On equating (i) and (ii), we get $12 straight percent sign equals 240$
So, $1 straight percent sign equals 20$ then $100 straight percent sign equals 2000$
Therefore the total sum lent out (two equal sums ) will be 2000 + 2000 = 4000 Rupees

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