Rs. 500 was invested at 12% per annum simple interest and a certain sum of money at 10% per annum simple interest. If the sum of the interests on both the sum after 4 years is Rs. 480, the other sum of money is:
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. Rs. 600
SI = PRT/100
Where P = Principal , R = Rate of Simple interest , T = Time
Let x be the money which was lent at 10%
A/C to question,
(500 × 12 × 4)/100 + (x × 10 × 4)/100 = 480
24000 + 40x = 48000
40x = 24000
x = 600