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Question

A person took some money with some interest for 1 year but later he found that the rate of interest was 2% extra. According to the new rate of interest, he paid Rs.60/- extra. How much money did he borrow?

A
Rs. 2000
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B
Rs. 2500
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C
Rs. 3000
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D
Rs. 4000
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Solution

The correct option is C Rs. 3000
Let the money borrowed be P.
Interest according to the previous rate (R%) = PR100
Interest according to the previous rate ((R + 2)%) = P(R + 2)100
Difference in interest paid = Rs. 60
P(R + 2)100 PR100 = 60
2P100 = 60
P = Rs. 3000

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