Question

Two equal sums were borrowed at 8% simple interest per annum for 2 years and 3 years respectively. The difference in the interest was Rs.56. the sum borrowed were
1) 700/-
2) 690/-
3) 780/-
4) 740/-

Answer 1

the sum borrowed is option.1) and the reason is above.

Answer 2

Answer:

The correct option is 1.

Step-by-step explanation:

Let the two equal sums be x.

It is given that the two equal sums were borrowed at 8% simple interest per annum for 2 years and 3 years respectively.

Formula for interest is

$I=\frac{P\times r\times t}{100}$

Where, P is principal, r is interest rate, t is time in years.

Interest on first sum is

$I_1=\frac{x\times 8\times 2}{100}=\frac{16x}{100}$

Interest on second sum is

$I_2=\frac{x\times 8\times 3}{100}=\frac{24x}{100}$

The difference in the interest was Rs.56.

$I_2-I_1=56$

$\frac{24x}{100}-\frac{16x}{100}=56$

$\frac{8x}{100}=56$

$x=\frac{5600}{8}$

$x=700$

Therefore the sum borrowed were 700 and correct option is 1.