Select the correct answerTwo equal amounts were borrowed at 5% and 4% simple interest. The total interest after 4 yr amounted to Rs.405. What was the total amount borrowed?OptionsRs.1125Rs.1100Rs.1075Rs.1150
Question
Select the correct answerTwo equal amounts were borrowed at 5% and 4% simple interest. The total interest after 4 yr amounted to Rs.405. What was the total amount borrowed?OptionsRs.1125Rs.1100Rs.1075Rs.1150
Solution
Let's solve this step by step:
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Let's assume the equal amounts borrowed be x. So, total amount borrowed is 2x.
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According to the problem, the total interest for 4 years is Rs. 405.
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The formula for simple interest is I = PRT/100, where I is the interest, P is the principal amount (in this case, the amount borrowed), R is the rate of interest, and T is the time in years.
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Since the amounts borrowed are equal and the time is the same (4 years), we can add the rates of interest (5% and 4% = 9%) and set up the equation for simple interest:
405 = (2x * 9 * 4) / 100
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Solving for x, we get x = Rs. 1125.
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Therefore, the total amount borrowed is 2x = 2 * Rs. 1125 = Rs. 2250.
However, none of the options match this answer. There might be a mistake in the problem or the options provided.
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