2020 · Q32
A sum was put at simple interest at certain rate for 2 years. Had it been put at 1% higher rate of interest, it would have fetched Rs. 24 more. What is the sum?
Elementary MathematicsSimple and Compound Interest
- ARs. 500
- BRs. 600
- CRs. 800
- DRs. 1200
Explanation
The extra interest from the 1% rate difference over 2 years is P × 1% × 2 = 24. Hence P = 24/0.02 = 1200. So the sum lent is ₹1200.