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.

Chandani • 9.65K Points
Tutor III Math

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

(D) Rs.6000

Correct Answer - Option(D)

Explanation by: Chandani

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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