A money lender lent out ₹40,000 in two parts, one at 7% p.a. and the other at 6% p.a.. If the total annual simple interest on the amount is ₹2,550, what is the amount of money lent at 7%?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. ₹15,000.
SI = (P × R × T)/100
Let Amount lent at 7% = x
So, (x × 7)/100 + [(40000 - x) × 6]/100 = 2550
⇒ 0.07x + 0.06(40000 - x) = 2550
⇒ 0.07x + 2400 - 0.06x = 2550
⇒ 0.01x = 2550 - 2400 = 150
⇒ x = 150/0.01 = 15000