The interest on a sum lent at the rate of 12.5% per annum for a period of 24 months is equal to 1.25 times interest on 2,800 at the rate of 8% per annum in 2.5 years. Find the sum.
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Answers
Answer:
Rate of interest on a sum-12.5% p.a.
Time-24 months
To find:
The sum
Solution:
The sum is Rs. 2,800.
We can find the sum by following the given process
We know that simple interest is the product of the sum, rate of interest and the period of lending divided by 100.
Let us assume that the sum is X.
The period for which the sum is lent=24 months 2 years
So, simple interest=(Xx12.5x2)/100
We are given that the simple interest is 1.25 times the interest on Rs.2,800 It at 8% p.a. for 2.5 years.
Now we will calculate the interest on
Rs.2,800.
Simple interest=(2,800×8×2.5)/100
=28×20
=Rs.560
We will now equate the values of both interests.
So, (Xx12.5x2)/100=1.25×560
(Xx12.5x2)=125×560
(Xx12.5×2)=70,000
25X=70,000
X=70,000/25
X=Rs.2,800
Therefore, the sum is Rs.2,800.
Step-by-step explanation:
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