A sum of $12,000 is divided into two parts such that simple interest on the first part at 8% per annum for 3 years equals simple interest on the second part at 12% per annum for 4 years. What is the amount of the first part?
Answer and explanation
Correct answer: B.
- Step 1: Let the two parts be and , with .
- Step 2: Equate simple interests: .
- Step 3: Simplify: .
- Step 4: Substitute into total sum: .
- Step 5: First part: 8,000$.
Answer
$8,000.
Why not the others: '' is the second part (); '' assumes equal split.
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