Simple Interest Practice Test 3

Question : 14 of 40

Marks: +1, -0

Sanjay borrowed a total amount of Rs. 30,000 part of it on simple interest, rate of 12 p.c.p.a. and remaining on simple interest rate of 10 p.c.p.a. If at the end of 2 years he paid in all Rs. 36,480 to settle the loan amount, what was the amount borrowed at 12 p.c.p.a.?

Rs. 12000
Rs. 16000
Rs. 17500
Rs. 18000

Validate

Solution:

Let Sanjay borrowed Rs. x and Rs. (30,000 – x) at 12% and 10% p.a. respectively,
Then,

x+{x×12×2}/100+(30000-x)

+{(30000-x)×10×2}/100=36480

⇒ 124x + 3600000 – 120x = 36480 × 100
⇒ 4x = 48000
⇒ x = Rs. 12000

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