A person lent out some money for 1 year at 6% per annum simple interest and after 18 months, he again lent out the same money at a simple interest of 24% per annum. In both the cases, he got Rs.4704. Which of these could be the amount that was lent out in each case if interest is paid half-yearly?
Solution(By Examveda Team)
Let amount was 100.According to question,
100 + (4% of 100) * 3 = 4704
100 + 0.04 * 3 * 100 = 4704
112 = 4704
1= 4704/112
So,
100 = (4704 * 100)/112 = 4200.
Required Amount = 100 = Rs. 4200.
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Why will we divide 24 by 6
And where does 3 come from ?
24%/6%=4%
Rate 4 % how???
Let Amount = X
Now,
X + (4% of 100) * 3 = 4707
X + 0.12X = 4707
1.12X = 4707
X = Rs. 4200.