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?

Rs. 2000

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Rs. 2500

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Rs. 3000

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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 ( $R %$ ) = $\frac{P R}{100}$
Interest according to the previous rate ( $(R + 2) %$ ) = $\frac{P (R + 2)}{100}$
Difference in interest paid = $R s . 60$
$\Rightarrow \frac{P (R + 2)}{100} - \frac{P R}{100} = 60$
$\Rightarrow \frac{2 P}{100} = 60$
$\Rightarrow P = R s . 3000$

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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?

The correct option is C Rs. 3000Let 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

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?