Question

7. A sum of money was lent for 3 years at 12% per annum to Ramesh and an equal
sum of money was lent to Suresh at same rate but for 5 years. If the difference in
interests received from two persons is 1,200, find the sum.
Tind​

Answer 1

Answer:

Sum = 5000

Step-by-step explanation:

For Ramesh, T = 3, R = 12

I1 = (P x R x T)/100

  = (P x 3 X 12)/100

 = 0.36 X P

For Suresh, T = 5, R = 12

I2 = (P x R x T)/100

  = (P x 5 X 12)/100

 = 0.6 X P

Difference in Interest = 1200

I2 - I1 = 1200

0.6P - 0.36P = 1200

0.24P = 1200

P = 1200/0.24

P = (1200 x 100)/(0.24 x 100)

P = (1200 x 100)/24

P = (12 x 100 x 100)/(12 x 2)

P = 50 x 100

P = 5000