Question

A borrowed $5000 at 6 percent per annum and $4000 at 5 percent per annum for the same tenure. what is the Number of years which he borrowed the sum when he paid $3000 as total of simple interest ?

Answer 1

Answer:-
Case1:
Principal = 5000
Rate=6%
Time(years)=x
Simple interest = 5000*6*x/100=300x
Case2:
Principal=4000
Rate=5%
Time=x(same according to ques)
Simple interest =4000*5*x/100=200x
300x+200x=3000
500x=3000
x=6
Answer=6 years