A person lent certain sum of money at the annual rate of 15 percent on simple interest and the interest received in 6 years is Rs. 800 less than the sum lent. What is the sum lent?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is Option 4 i.e. Rs. 8000.
Let the money lent be x
S.I. = (P × R × T)/100
here, S.I. = SImple Interest, R = Rate, P = Principal, and T = Time
(x - 800) = (x × 15 × 6)/100
⇒ 100(x - 800) = x × 90
⇒ 100x - 80000 = 90x
⇒ 100x - 90x = 80000
⇒ 10x = 80000
⇒ x = 8000
Thus, the sum lent was Rs. 8000