Mayank borrowed a total amount of ₹20000. A part of it was lent on SI at 10% per annum and remaining on SI at 8% p.a. If at the end of 2nd year, he paid in all ₹24500 to settle the loan amount, what was the amount borrowed at 10% per annum?
Answer & explanation
Correct answer: option 3
Let the sum alloted to part 1 be P₁ and part 2 be P₂ = 20000 - P₁
Interest = 24500 - 20000 = 4500
\(\frac{P₁ × 10 × 2 }{100}\) + \(\frac{P₂ × 8 × 2}{100}\) = 4500
(P × 10) + ((20000 - P) × 8) = 225000
2P = 65000
P = 32,500