A moneylender 's income decreased by Rs.60 when the rate of interest dropped from 8%p.a to 31/4%p.a.What was his principal

Answer 1

assuming we are talking about 1 year's income,

.08p - .0325p = 60
p = 1263.20

Answer 2

X* 8*1/ 100 - x*31*1/400=60
32x-31x = 60*400
X =24000