Q:
Two equal sums were lent, one at the rate of 11% per annum for five years and the other at the rate of 8% per annum for six years, both under simple interest. If the difference in interest accrued in the two cases is Rs 1008. Find the sum?
Answer & Explanation
Answer: A) Rs. 14,400
Explanation: Let the required Sum = Rs.S
From the given data,
1008 = [(S x 11 x 5)/100] - [(S x 8 x 6)/100]
=> S = Rs. 14,400.
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