Two equal sums were lent, one at the rate of 11% per annum for five years and the other at the rate of 8% per annum for six years, both under simple interest. If the difference in interest accrued in the two cases is Rs 1008. Find the sum?

Question

Accepted Answer

Let the required Sum = Rs.S From the given data, 1008 = [(S x 11 x 5)/100] - [(S x 8 x 6)/100] => S = Rs. 14,400.

Two equal sums were lent, one at the rate of 11% per annum for five years and the other at the rate of 8% per annum for six years, both under simple interest. If the difference in interest accrued in the two cases is Rs 1008. Find the sum?

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