Ramu lent ₹3,000 to Raju and a certain sum to Ravi at the same time and at the same rate of simple interest of 8% per annum. After 5 years, he received a sum of ₹1,600 from Raju and Ravi together as interest. Find the sum lent to Ravi.
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. ₹1,000.
Principal lent to Raju (P) = ₹3,000
Rate of interest per annum (R) = 8%
Time (T) = 5 years
Simple Interest (SI) = (P × R × T)/100 = (3000 × 8 × 5)/100 = ₹1,200
Total interest received = ₹1,600
Interest from Raju = ₹1,200
Interest from Ravi = 1600 - 1200 = ₹400
Interest from Ravi (SI) = ₹400
Let, the amount = X
So, 400 = (X × 8 × 5)/100
⇒ 2X/5 = 400
⇒ X = 1000
Therefore, Ramu lent ₹1,000 to Ravi.