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Question 100
A person borrowed Rs. 2000 at 5% per annum simple interest and immediately lent it at 6% per annum simple interest. At the end of 2 1/2 yr he collected the amount and settled his loan. What was his profit?
Solution
For borrowed money P = Rs. 2000, R = 5% per annum and T = 5/2 year
SI = Rs. (2000×5/2×5×1/100)= Rs. 250
For lent money P = Rs. 2000, R = 6% per annum and T = 5/2 year
SI= Rs. (2000×5/2×6×1/100) = Rs. 300
His profit = Rs. (300 - 250) = Rs. 50
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