A sum of ₹ 600 was lent to two people, one at the rate of 5% per annum and the other at the rate of 13% per annum. If the simple interest after one year is ₹ 62, find the sum lent at each rate.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is Option 4 i.e. ₹ 200 and ₹ 400.
S.I. = (P × R × T)/100
here, S.I. = Simple Interest, P = Principal, R = rate, and T = Time
Let the sum lent to one person be x and the sum lent to another person be (600 - x)
⇒ 62 = (x × 5 × 1)/100 + ((600 - x) × 13 × 1)/100
⇒ 6200 = 5x + 13(600 - x)
⇒ 6200 = 5x + 7800 - 13x
⇒ 6200 = 7800 - 8x
⇒ 8x = 7800 - 6200
⇒ 8x = 1600
⇒ x = 200
Thus, the money lent to one person is Rs. 200 and Rs. (600 - 200) = Rs.400