A person borrowed ₹ 1760 at 6% per annum and ₹ 2240 at 9% per annum at simple interest for the same period. He had to pay ₹ 1536 in all as interest. Find the time (in years)
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Correct answer: D
Explanation
The correct answer is Option 4 i.e 5
A person borrowed ₹ 1760 at 6% per annum and ₹ 2240 at 9% per annum at simple interest for the same period.
He had to pay ₹ 1536 in all as interest.
Simple Interest = (Principal × Rate × Time)/100
⇒ S.I. for 1st rate in 1 year = (1760 × 6 × 1)/100 = Rs. 105.6
⇒ S.I. for 2nd rate in 1 year = (2240 × 9 × 1)/100 = Rs. 201.6
⇒ Total interest earned in a year = 105.6 + 201.6 = Rs. 307.2
Thus, the required time = Total interest/Interest in a year = 1536/307.2 = 5 years