Peter lent some amount of money at 5% simple interest and anequal amount of money at 7% simple interest, each for 3 years. If totalinterest earned on both the sum was Rs 360, what amount was lent in each case?Rs 2000Rs 2500Rs 3600Rs 1000
Question
Peter lent some amount of money at 5% simple interest and anequal amount of money at 7% simple interest, each for 3 years. If totalinterest earned on both the sum was Rs 360, what amount was lent in each case?Rs 2000Rs 2500Rs 3600Rs 1000
Solution
Let's denote the amount of money lent in each case as X.
Since the money was lent at 5% simple interest for 3 years, the interest earned from this amount would be (5/100)X3.
Similarly, since the same amount was lent at 7% simple interest for 3 years, the interest earned from this amount would be (7/100)X3.
According to the problem, the total interest earned from both the sums was Rs 360. Therefore, we can set up the following equation:
(5/100)X3 + (7/100)X3 = 360
Solving this equation will give us the value of X, which is the amount of money lent in each case.
Let's simplify the equation:
(15/100)*X + (21/100)*X = 360
Combine like terms:
(36/100)*X = 360
To isolate X, divide both sides of the equation by (36/100):
X = 360 / (36/100)
X = Rs 10000
So, the amount of money lent in each case was Rs 10000. However, this option is not available in the choices given. There might be a mistake in the problem or the given choices.
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