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

Step-by-step explanation:

Answer is 375.

You know R and T

(R=rate, T=time)

You are missing P so let principal be P

Now, using the formula SI=PRT/100 you get the SI for both rates of interests, i.e. 7% and 5%

For both you get

1SI=7P/25

2SI=7P/20

Now that you know both SI, you know both amounts since A=P+SI.

And the sum of A1 and A2 is given

here you go, your equation is A1+A2=960