Question
An amount of Rs. 4,000 was borrowed at 18% p.a. and another
amount of Rs. 6,000 at 12% p.a. as simple interest. The total interest paid after ‘n’ years is Rs. 4,320. Find the value of ‘n’.Solution
ATQ,
4000 × (18/100) × n + 6000 × (12/100) × n = 4320
Or, 720n + 720n = 4320
So, n = (4320/1440) = 3 years
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