Question

Two equal sums were lent out at 7% and 5% interest respectively. The interests earned on the two loan
add up to 960 for 4 years. What is the total sum lent out?​

Answer 1

Answer:

Let the sum lent be = x

$\sf{S.I._{1} = \frac{PRT}{100}}$

When:

R = 7%

T = 4 yr

=> $\sf{S.I._{1} = \frac{28x}{100}}$

When:

R = 5%

T = 4 yr

=> $\sf{S.I._{2} = \frac{20x}{100}}$

$\sf{S.I._{1} + S.I._{2} = 960}$

=> 28x/100 + 20x/100 = 960

=> 48x = 96000

=> x = 2000

Total sum lent = 2x = 4000

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