A man lent out two equal sums in two parts at the rate of 12% and 11% p.a. on simple interest respectively. If the former recovered 3 months earlier than the later and he received equal amount of Rs.15960 each from both the parts. Find the sum.
Answer & explanation
Correct answer: option 3
Note: Principal and amount is same, therefore, simple interest is same in each case.
Therefore, Total Simple Interest = Rate of Interest × Time.
Rate of Interest is inversely proportional to time.
I : II
Rate ⇒ 12% : 11%
Time ⇒ 11 : 12 ⇒ difference 1R
ATQ,
1R = 3 months
12R = 12 × 3 = 36 months or 3 years.
From the second part total rate of interest received = 11% × 3 = 33%
Hence,
Sum × 133% = Amount = 15960
Sum = \(\frac{15960\;×\;100}{133}\) = 12000