A borrows ₹800 at the rate of 12% per annum simple

Home » Aptitude » Simple interest » Question

A borrows ₹800 at the rate of 12% per annum simple interest and B borrows ₹910 at the rate of 10% per annum, simple interest. In how many years will their amounts of debt be equal ?

1. 18 years
2. 20 years
3. 22 years
4. 24 years

Correct Option: C

Let the period of time be T years.
From question , we have

∴ 800 +	800 × 12 × T	= 910 +	910 × 10 × T
	100		100

⇒ 800 + 96 T = 910 + 91T
⇒ 96 T – 91 T = 910 – 800
⇒ 5T = 110

⇒ T =	110	= 22 Years.
	5