Test Index

Indian Institute of Foreign Trade 2010 Solved Paper

© examsnet.com

Question : 24 of 135

Marks: +1, -0

To start a new enterprise, Mr. Yogesh has borrowed a total of Rs. 60,000 from two money lenders with the interest being compounded annually, to be repaid at the end of two years. Mr. Yogesh repaid Rs.38, 800 more to the first money lender compared to the second money lender at the end of two years. The first money lender charged an interest rate, which was 10% more than what was charged by the second money lender. If Mr. Yogesh had instead borrowed Rs. 30,000 from each at their respective initial rates for two years, he would have paid Rs.7, 500 more to the first money lender compared to the second. Then money borrowed by Mr. Yogesh from first money lender is?

20,000
35,000
40,000
42,000

Solution:

Let the interest on the second part be r%

Then, the rate on the first part

=(r+10)

%It is given that,

\frac{30000(r+10)}{(1+100)^2} - \frac{30000r}{(1+100)^2} = 7500

On solving, we get r = 20%

Let the first part be Rs. a

Then, the second part =Rs. (60000-a)

\frac{20+10}{a(1+100)^2} - \frac{20}{(6000-a)(1+100)^2} = 38800

On solving, we get a = Rs. 40000

Hence, option C is the correct answer.

© examsnet.com

Go to Question:

Prev Question

Next Question