A person borrows a sum of ₹16,000 on simple interest at the beginning of a year. After 4 months, ₹24,000 more is borrowed at a rate of interest double the previous one. At the end of the year, the total interest on both the loans is ₹4800.
1 : 2
To solve the given problem, we'll apply the basics of Simple Interest (SI). The formula for simple interest is:
\(SI = \frac{P \times R \times T}{100}\)
where \(P\) is the principal amount, \(R\) is the rate of interest per annum, and \(T\) is the time period in years.
Let's break down the problem step-by-step:
Thus, the correct answer is 1:2.
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