Vishwas borrowed a total amount of ` 30000, part of it on simple interest rate of 12 p.c.p.a. and remaining on simple interest rate of 10 p.c.p.a. If at the end of 2 years he paid in all ` 36480 to settle the loan amount, what was the amount borrowed at 12 p.c.p.a?
(a)` 12000
(b)` 16000
(c)` 17500
(d)` 18000
Answer
Answer (as printed): A
Explanation
Let the sum borrowed at 12% p.a. be ` x and that borrowed at 10% p.a. be ` (30000 – x). S.I. at the end of 2 years = ` (36480 – 30000) = ` 6480. x × 12 × 2 (30000 − x ) × 10 × 2 \ + = 6480 100 100 ⇔ 24x + 600000 – 20x = 648000 ⇔ 4x = 48000 ⇔ x = 12000.
Explanation as extracted from the printed page; notation may be imperfect.