Raghu lends ₹9,600 and ₹11,800 at simple interest to two different persons for the same time at the rate of 7% per annum and 8% per annum, respectively. If he had received ₹9,696 as total interest from both, find the time period for which the amounts were lent.
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 6 years.
SI = (P × R × T)/100
So,
⇒ 672T + 944T = 9696
⇒ 1616T = 9696
⇒ T = 9696/1616 = 6 years