Two equal sums are lent at 6% and 9% simple interest per annum respectively. The interest received on both sums after 4 years differs by ₹150. Find each sum.
Show answer & explanation
Correct answer: C
Explanation
Let each sum = ₹P
Difference in interest = P × (9 − 6) × 4/100
= 150
12P/100 = 150
P = ₹1250