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


Answer :

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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