Sanjay borrowed Rs.900 at 4% per annum and Rs.1100 at 5% per annum for the same duration. He to pay Rs.364 in all as interest. What is the time period in years?Options5 years2 years4 years3 years
Question
Sanjay borrowed Rs.900 at 4% per annum and Rs.1100 at 5% per annum for the same duration. He to pay Rs.364 in all as interest. What is the time period in years?Options5 years2 years4 years3 years
Solution
To solve this problem, we need to use the formula for simple interest which is I = PRT/100, where I is the interest, P is the principal amount, R is the rate of interest, and T is the time.
Given that Sanjay borrowed Rs.900 at 4% per annum and Rs.1100 at 5% per annum, and he paid Rs.364 in all as interest, we can set up the following equation:
(900 * 4 * T)/100 + (1100 * 5 * T)/100 = 364
Solving this equation for T will give us the time period in years.
First, simplify the equation:
36T + 55T = 364
Combine like terms:
91T = 364
Finally, solve for T:
T = 364 / 91
T = 4 years
So, the time period is 4 years.
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