Two equal sums were borrowed at simple interest of 8 per annum

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12. The difference between compound interest and simple interest on a certain sum for 2 years @ 10% p.a. Rs. 10. Find the sum:a) Rs 1010 b) Rs.1095 c) Rs.1000 d) Rs. 990 1

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15 Questions 15 Marks 12 Mins

Given:

Rate of interest = 8%

Time period of investment = 2 years and 3 years

Difference in interest = Rs. 96

Formula used:

SI = PRT/100

Calculation:

Let the sum borrowed be Rs. x

Now, SI for 2 years = Rs. (x × 8 × 2)/100

⇒ Rs. 4x/25

Now, SI for 3 years = Rs. (x × 8 × 3)/100

⇒ Rs. 6x/25

According to the question,

(6x/25) - (4x/25) = Rs. 96

⇒ 2x/25 = Rs. 96

⇒ x/25 = Rs. 48

⇒ x = Rs. 1200

∴ The equal sum borrowed is Rs. 1200

Calculation:

Rate of interest = 8%

Time period of investment = 2 years and 3 years

Difference in interest = Rs. 96

Difference is of 1 year, so 8% = Rs. 96

Then, 100% = Rs. (96/8) × 100

⇒ Rs. 1200

∴ The equal sum borrowed is Rs. 1200

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