Question

A sum of money lent out at simple interest amounts to Rs. 2,880 in 2 yrs and Rs. 3,600 in 5 yrs. Find the sum of money and the rate of interest.​

Answer 1

Answer:

Principal = ₹2400

Rate = 10%

Step-by-step explanation:

Amount in 2yr (A1)= ₹2880

amount in 5 yr (A2)= ₹3600

Simple interest for 3yr = (A2)-(A1) = ₹720

Simple interest for one year = 720/3. = 240

Principal = A1- (Simple interest for 2 year)

= 2880-480

= ₹2400

Rate %= (SI for one year)X100/Principal

= (240X100)/2400

= 10%

Answer 2

Answer:

Rate = 10 percent

Step-by-step explanation:

3600-2880=720

720 is SI  for 3 years so SI for 1 year =720/3=240

now 2880 is amount after 2 years

so Sum before 2 years will be 2880-240-240=2400  

SI is 240 for each year as SI remains the same for each consecutive years.

rate is (240/2400)*100=10

HOPE IT HELPS YOU!