A sum of Rs 8400 amounts to Rs 11046 at 8.75% p.a. simple interest in certain time. What is the simple interest on the sum of Rs 9600 at the same rate for the same time?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. Rs 3024.
11046 = (8400 × 8.75 × t) / 100
t = 11046 / 84 × 8.75
= 15.02
A = (9600 × 8.75 × 15.02) / 100
= 12624
I = A - P
= 12624 - 9600
= Rs 3024