Interest Mcqs


Q.  A sum was put at simple interest at a certain rate for 3 years. Had it been put at 2% higher rate, it would have fetched Rs 360 more. Find the sum.

a. Rs.4000
b. Rs.9000
c. Rs.5000
d. Rs.6000


ANSWER: See Answer
 
Let sum = P and original rate = R. Then
[(P * (R+2) * 3)/100] – [ (P * R * 3)/100] = 360

3P*(R+2) – 3PR = 36000

3PR + 6P – 3PR = 36000

6P = 36000

P = 6000
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