A man borrowed Rs.55000 from two banks under compound interest, compounded annually. One bank charged interest at the rate of 8% per year and the other bank at 12% per year. If at the end of the year the man paid Rs.4900 as the total interest to the two banks, how much loan did he take from the first bank?
Let if we lent the whole sum at 12 % of interest
Difference B/W origibal and assumed
Is is because of difference in rate of interest
So the sum is lent at 8 % interest