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A and B borrowed the same sum of money at 5% and 7% respectively as simple interest per annum for 2 years. B paid Rs. 80 more interest than A. Find the sum.

1. Rs. 2000
2. Rs. 3000
3. Rs. 1000
4. Rs. 5000

Correct answer: Rs. 2000

Solution

The difference in rates is 2% per annum. For 2 years, the extra interest on the same principal is 4% of the principal, which equals Rs. 80. So the principal is Rs. 2000.

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