Two equal sums are lent at 7% and 9% per annum simple interest. After 4 years the interest on the second exceeds that on the first by Rs. 640. What is each sum?
Correct answer A. Rs. 8,000
Explanation
Difference = P × (9 − 7) × 4 / 100 = 0.08P = 640, so P = Rs. 8,000.
Answer checked How we write and check questions
Discussion