Question

Gokul took a certain amount as a loan from a bank at the rate of 8% per annum and gave the same amount to Alok as a loan at the rate of 12% per annum on simple interest.If at the end of 12 years, he made a profit of Rs. 480 in the deal, what was the original amount?

Answer 1

the origional amount is Rs.1000

Answer 2

Answer:

Original Amount is Rs. 1000

Step-by-step explanation:

Given:

Rate of interest of Gokul  = 8%

Rate of interest of Alok  = 12 %

Time of the loan = 12 years

let, x is the original amount.

According to the Question,

$\frac{x\times12\times12}{100}-\frac{\t ximes8\times12}{100}=480$

$\frac{12x}{100}(12-8)=480$

$\frac{12x\times4}{100}=480$

$x=\frac{480\times100}{48}$

$x=1000$

Therefore, Original Amount is Rs. 1000