A certain sum of money is given at a certain rate of simple interest for 6 years. Had it been given at a 7% higher rate, it would have fetched ₹1,512 more. Find the sum (in ₹).
Show answer & explanation
Correct answer: B
Explanation
The correct answer is Option 2 i.e. 3,600.
We know that,
S.I. = (P × R × T)/100
here, S.I. = Simple Interest, P = principal, R = Rate, and T = Time
Now,
⇒ 1512 = (P × (R + 7) × 6)/100 - (P × R × 6)/100
⇒ 151200 = (P × (R + 7) × 6) - (P × R × 6)
⇒ 151200 = PT(R + 7 - R)
⇒ 151200 = P × 6 × 7
⇒ P = 3600
Thus, The sum of money is ₹3600