A sum of Rs. 2540 is lent out into two parts. One at 12%

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A sum of Rs. 2540 is lent out into two parts. One at 12% and another one at 12¹/₂ %. If the total annual income is Rs. 311.60, the money lent at 12% is ?

1. Rs. 1180
2. Rs. 1360
3. Rs. 1240
4. Rs. 1340

Correct Option: A

Let money lent at 12% Rs. P
Then, money lent at 12¹/₂% = Rs. (2540 - P )
∵ (P x 12 x 1)/100 + {(2540 - P) x 25/2 x 1}/100 = 311.60
⇒ 3P/25 + 2540 - P/8 = 311.60
⇒ 24P + 25(2540 - P) = 200 x 311.60
∴ P = 63500 - 62320 = 1180