If the simple interest on $2,000 for 2 years is $280, then what is the interest rate?
1 answer:
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let the number of
- adults be x
- children be y
Total number of people : adults + children
- x + y = 240
- x = 240 - y - [1]
Total money earned from adults :
- 6 × x = 6x
Total money earned from children :
- 2 × y = 2y
Therefore, total money = money earned from each Adult and children.
- 6x + 2y = 1200 -[2]
Now, let's plug the value of x from equation [1] into equation [2]
- 6 (240 - y) + 2y = 1200
- 1440 - 6y + 2y = 1200
- -4y = 1200 - 1440
- -4y = - 240
- y = 60
let's plug the value of y in equation [1]
- x = 240 - y
- x = 240 - 60
- x = 180
Hence, we get :
- total adults = x = 180
- total children = y = 60
Correct option is C
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