Question

a person borrows rupees 4000 at 7% simple interest per annum just want your after he borrowed rupees 4000 at 8% simple interest per annum in how many years after loan will the interest on the loan be equal​

Answer 1

Answer:

For the first two years,

Amount =40000+

100

40000×8×2

=40000+6400= Rs. 46400

Let x be the principal for the last 3 years.

Then, x+

100

x×8×3

=35960

⇒x+

25

6x

=35960

⇒

25

25x+6x

=35960

⇒

25

31x

=35960

⇒x=

31

35960×25

= Rs. 29000

∴ Amount paid back after the second year = Rs. 46400− Rs. 29000= Rs.17400.