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Interest

two equal sum...

Question

two equal sums were lent out at 7% and 5% interest respectively.the interests earned on two loans add up to Rs.960 for 4 yrs.find the total sum lent out

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Solution

960/4=240/year interest
For one year 7%+5%=12%
12% = 240
1% = 20
100% = 2000.
Therefore total sum will be 2000 + 2000 = 4000.

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