Question

umesh borrowed some amount from a bank at 16% per year , simple interest and lent the total amount to binay on the same day at 24 % per year. thus,after 6years he gained rs 840. find the sum.

Answer 1

Answer:

Let the principal be 'P'.

Case (i)

Rate of interest = 16 %

Time = 6 years

Amount at the end of 6 years at simple interest = P (1 + TR/100)

= P(1 + 16×6/100)

= 96/100 P

Case (ii)

Rate of interest = 24 %

Time = 6 years  

Amount at the end of 6 years at simple interest = P (1 + TR/100)

= P(1 + 24×6/100)

= 144/100 P

Difference between the amounts = Rs 840

144/100 P - 96/100 P = 840

48/100 P = 840

P = 840 × 100/48

P = 1750

Therefore, the sum of money is Rs 1750.

Answer 2

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