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Two equal sums were borrowed at 8% simple interest per annum for 2 years and 3 years respectively. The difference in the interest was Rs. 56. The sum borrowed were
  • a)
    Rs, 690
  • b)
    Rs, 700
  • c)
    Rs, 740
  • d)
    Rs, 780
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Two equal sums were borrowed at 8% simple interest per annum for 2 ye...
Given data:
- Two equal sums were borrowed at 8% simple interest per annum for 2 years and 3 years respectively.
- The difference in the interest was Rs. 56.

To find: The sum borrowed.

Solution:
Let us assume that the sum borrowed is 'x'.

Interest for the first sum = (x * 8 * 2) / 100 = (16x / 100) = (2x / 12.5)
Interest for the second sum = (x * 8 * 3) / 100 = (24x / 100) = (6x / 25)
Difference in the interest = (6x / 25) - (2x / 12.5) = Rs. 56

Simplifying the above equation, we get:
(6x / 25) - (2x / 12.5) = 56
(72x / 100) - (20x / 100) = 56
52x / 100 = 56
x = (56 * 100) / 52
x = Rs. 107.69

Therefore, the sum borrowed is Rs. 107.69, which is approximately equal to Rs. 700.

Hence, option B is the correct answer.
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Two equal sums were borrowed at 8% simple interest per annum for 2 years and 3 years respectively. The difference in the interest was Rs. 56. The sum borrowed werea)Rs, 690b)Rs, 700c)Rs, 740d)Rs, 780Correct answer is option 'B'. Can you explain this answer?
Question Description
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