Question
Download Solution PDFA person borrowed Rs. 1760 at 6% per annum and Rs. 2240 at 9% per annum at simple interest for the same period. He had to pay Rs. 1536 in all as interest. Find the time (in years).
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal 1 (P₁) = Rs. 1760
Rate 1 (R₁) = 6% per annum
Principal 2 (P₂) = Rs. 2240
Rate 2 (R₂) = 9% per annum
Total Interest = Rs. 1536
Concept Used:
Simple Interest (SI) = Principal (P) × Rate (R) × Time (T) / 100
Formula Used:
SI₁ = P₁ × R₁ × T / 100
SI₂ = P₂ × R₂ × T / 100
Total Interest = SI₁ + SI₂
Calculation:
SI₁ = 1760 × 6 × T / 100
⇒ SI₁ = 105.6T
SI₂ = 2240 × 9 × T / 100
⇒ SI₂ = 201.6T
Total Interest = SI₁ + SI₂
⇒ 1536 = 105.6T + 201.6T
⇒ 1536 = 307.2T
⇒ T = 1536 / 307.2
⇒ T = 5
∴ The time period is 5 years.
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