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:

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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