Question

Suresh borrowed rs.830 from vikas at 12% rate of interest for 3 years. He then added some more money to the borrowed sum and lent it to deepak for the same time at 14% simple interest. If suresh gains rs.93.90 in the whole transaction, then find the sum lent by him to deepak.

Answer 1

The sum lent by Suresh to Deepak is Rs. 861.06

Step-by-step explanation:

Step 1. (Suresh borrowing money from Vikas)

Given, sum = Rs. 830

time = 3 years

rate of interest = 12%

Then amount payable after 3 years is

= Rs. 830 {1 + (3 * 12)/100}

= Rs. 1128.80

Step 2. (Suresh lending money to Deepak)

Let Suresh lent Rs. (830 + x) to Deepak

Given, time = 3 years

rate of interest = 14%

Then amount payable after 3 years is

= Rs. (830 + x) {1 + (3 * 14)/100}

= Rs. 1.42 * (830 + x)

= Rs. (1178.60 + 1.42x)

Step 3. (Gains by Suresh)

By the given condition,

(1178.60 + 1.42x) - 1128.80 = 93.90

or, 1.42x = 93.90 + 1128.80 - 1178.60

or, 1.42x = 44.10

or, x = 31.06 (approximately)

Step 4. (Sum lent by Suresh to Deepak)

Therefore the sun lent by Suresh to Deepak is

= Rs. (830 + 31.06)

= Rs. 861.06