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Rohit borrowed ‘x’ from a money lender and Mohit borrowed ‘x – 5400’ from the same lender. If the money lender offers the money at 15% simple rate of interest and difference between amount of interest returned by Rohit and Mohit after 3 years is ‘0.2025x’, then what is the value of ‘x’?

Rohit borrowed ‘x’ from a money lender and Mohit borrowed ‘x – 5400’ from the same lender. If the money lender offers the money at 15% simple rate of interest and difference between amount of interest returned by Rohit and Mohit after 3 years is ‘0.2025x’, then what is the value of ‘x’? Correct Answer 12000

GIVEN:

Rate = 15% and time = 3 years

FORMULA USED:

SI = PRT/100

P = Principal, T = Time, R = Rate

CALCULATION:

Amount of interest given by Rohit = (x × 15 × 3)/100 = 0.45x

Amount of interest given by Mohit = /100 = (0.45x – 2430)

According to the question:

0.45x – (0.45x – 2430) = 0.2025x

⇒ 0.2025x = 2430

⇒ x = 12000

∴, value of x = Rs. 12000

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