1
Question
A sum of money was put at simple interest at certain rate for 2 years.If this sum had been put at 3% higher rate,it would have earned Rs.720 more as interest.Find the sum.
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Solution
The Question clearly states that 3% more produces 720 for 2 years
So 3% produces 720/2 for 1 year
which is 360 per year
Interest= P*T*R/100
360 = P*1*3 / 100
On Solving P=360*100/3
P=12,000
You can also solve like this,
3% = 360
!00%(Prinncipal) =?
100% = (360/3)*100 = 12000
So 3% produces 720/2 for 1 year
which is 360 per year
Interest= P*T*R/100
360 = P*1*3 / 100
On Solving P=360*100/3
P=12,000
You can also solve like this,
3% = 360
!00%(Prinncipal) =?
100% = (360/3)*100 = 12000
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