X owes Y, Rs. 7440 payable 1 year 6 months hence. Also, Y owes X, Rs. 7560 payable 6 months hence. If they want to settle the account forthwith keeping 16 percent per annum as the rate of simple interest, then who should pay and how much?
1
X pays Rs. 1000 to Y
2
Y pays Rs. 1000 to X
3
Y pays Rs. 2000 to X
4
X pays Rs. 2000 to Y