Question
Download Solution PDFA 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. 420 more. Find the sum.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Interest fetched more when rate is increased by 2% = Rs. 420
Time (T) = 3 years
Increase in rate (R) = 2%
Formula used:
SI = (P × R × T) / 100, where P is the principal amount, R is the rate of interest per annum, and T is the period in years.
Solution:
⇒ Let the principal amount be P.
⇒ The interest fetched more due to 2% increase in rate for 3 years is 420.
⇒ (P × (R+2%) × T) / 100 - (P × R × T) / 100 = 420
Since the increase is due to just the 2% rate change,
we simplify the equation to just involve the change:
⇒ (P × 2% × 3) / 100 = 420
⇒ (P × 6) / 100 = 420
⇒ P × 6 = 420 × 100
⇒ P = 42000 / 6
⇒ P = 7000
Hence, the sum put at simple interest is Rs. 7000.
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