Question 138

Rs. XYZ was deposited at simple interest at a specific rate for 3 years. Had it been deposited at 2% higher rate, it would have fetched Rs. 360 more. Find Rs. XYZ.

Solution

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Let the rate of interest be x% and Principal amount be P

Simple interest in 1st case = $$\frac{\left(P\cdot3\cdot X\right)}{100}$$

Simple interest in 2nd case = $$\frac{\left(P\cdot3\cdot\left(X+2\right)\right)}{100}$$

Given the difference is 360 

$$\frac{\left(3\cdot P\right)}{100}\left(X+2-X\right)$$ = 360

So on solving we get P=6000.

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