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Subbarao was approached by two neighbour for loan. He had ₹ 2540, a part of which he lent to one person at 12% interest per annum and the other part was lent to the second person at 12.5%. At the end of a year, Subbarao received ₹ 311.60 as interest on the total loan . Calculate the amount of money of money lent by him at 12% interest . ?
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- ₹ 1360
- ₹ 1340
- ₹ 1240
- ₹ 1180
Correct Option: D
Let the amount of money lent at 12% interest be ₹ P.
∴ Amount of money lent at 12.5% interest = ₹ (2540 - P)
According to the question;
(P x 12 x 1)/100 + [(2540 - P) x 12.5 x 1]/100 = 311.60
⇒ -0.5P/100 + 31750/100 = 311.60
⇒ 0.5P = 31750 - 31160 = 590
∴ P = ₹ 1180
