Vinod had ₹10,000 with him. He lent a part of it at 8% per annum simple interest and the remaining at 10% per annum. His total annual income was ₹880. Find the sum lent at 8%.
Answer & explanation
Correct answer: option 2
Let sum lent at 8% = x
and sum lent at 10% = ( 10000 - x )
Total Interest gain = 880
Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)
ATQ,
\(\frac{x ×8 × 1 }{100}\) + \(\frac{(10000-x) ×10 × 1 }{100}\) = 880
8x + 100000 - 10x =88000
2x = 12000
x = 6000
So , Sum lent at 8% per annum is Rs. 6000