A milkman borrowed a sum of Rs. 2,500 from two money lenders for one loan on simple interest at the rate of 5% and 7%, respectively, for a period of 2 years. If the total interest paid by him was Rs. 276, then how much did he borrow at the rate of 7% p.a.?

Solution (By Examveda Team)

$$\eqalign{ & {\text{Let, loan taken at rate of }}7\% = x \cr & {\text{Then, }}\frac{{\left( {2500 - x} \right) \times 5}}{{100}} + \frac{{x \times 7}}{{100}} = \frac{{276}}{2} \cr & 12500 - 5x + 7x = 13800 \cr & 2x = 13800 - 12500 \cr & 2x = 1300 \cr & x = 650\,{\text{Answer}} \cr} $$