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Two equal sum were lent out at 7% and 5% S.I respectively. The interest earned on the two loans add up to Rs.960 for 4 years. The total sum lent out is :
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Explanation:
Let sum = 100 units,
Total interest
=100×7×4\100+100×5×4\100
=28+20=48units
According to the question,
48 units = Rs.960
1 unit= Rs.960\48=Rs.20
100 units=Rs. 20×100=Rs.2000
Total sum=Rs.2000
Total rate of interest he gained
=(7+5)×4%
=48 \%=960(given)
=100 \%=2000
∴totalsum=2000