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

₹ 2000

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$30 %$ of ₹ 10000

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₹ 3000

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

₹ 4000

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Solution

The correct options are
B
$30 %$ of ₹ 10000

C
₹ 3000

Let the money borrowed be $P$ .

We have simple interest = $\frac{P R T}{100}$

Interest according to the previous rate $(R %)$ = $\frac{P R \times 1}{100}$
Interest according to the current rate $(R + 2) %$ = $\frac{P (R + 2) \times 1}{100}$
Difference in interest paid = $₹ 60$

$\Rightarrow \frac{P (R + 2)}{100} - \frac{P R}{100} = 60$

$\Rightarrow \frac{2 P}{100} = 60$

$\Rightarrow P = ₹ 3000$

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

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