Student: Aryan gupta
Q. A sum of money was lent for 3 year at 12% per annum to ramesh and an equal sum of money was lent to suresh at same rate but for 5year . if the difference in interest received from 2 persons is rs. 1200. Find the sum
Hi Aryan, Thanks for question.
Here is the method to solve this type of question.
Topic : Arithmetic - Simple Interest / Compound Interest
Method : (Assuming it's a simple interest and not compount interest)
Simple Interest = P * R * T / 100
Where P = Initial Sum, R = Rate of interest per annum and T = Duration in years
Interest for Ramesh : Substituting the rate of interest and duration ,
Simple Interest = P *12 * 3 / 100
Simple Interest (Ramesh) = 0.36 P
Interest for Suresh: Substituting the rate of interest and duration ,
Simple Interest = P *12 * 5 / 100
Simple Interest (Suresh) = 0.60 P
Now difference in interest of Suresh and Ramesh is already given as Rs 1200
Hence 1200 = 0.60 P - 0.36 P
On solving, 0.24 P = 1200
We get, P = 1200 / 0.24
Hence P = 5000
Sum is Rs 5000
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