A person borrowed at per annum and at per annum at simple interest for the same period. He had to pay in all as interest. Find the time (in years).
- A
- B
- C
- D
Solution & Step-by-step Explanation
Let the time period for which the money was borrowed be years.
The formula for Simple Interest () is:
Where:
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*
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According to the given condition, the total interest paid is the sum of the interests from both investments:
Substitute the given values into the formula:
Simplify each part:
Combine the like terms:
Solve for :
Therefore, the time period is years.
The formula for Simple Interest () is:
Where:
*
*
*
According to the given condition, the total interest paid is the sum of the interests from both investments:
Substitute the given values into the formula:
Simplify each part:
Combine the like terms:
Solve for :
Therefore, the time period is years.