Question 55

Ram borrows a certain sum of money at 8% per annum simple interest and Rahim borrows Rs. 2,000 at 5% per annum simple interest. If the interest at the end of 3 years is equal, then the amount borrowed by Ram is

Solution

Rahim borrows Rs. 2,000 at 5% per annum simple interest.

Time period = 3 years

Let amount that Ram borrowed = Rs. $$x$$ at 8%

Simple interest = $$\frac{P\times R\times T}{100}$$

According to ques,

=> $$\frac{x\times8\times3}{100}=\frac{2000\times5\times3}{100}$$

=> $$8x=10,000$$

=> $$x=\frac{10000}{8}=Rs.$$ $$1250$$

=> Ans - (A)

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