At the rate of 8% the amount invested earns simple interest of ₹240 after 3 years. If the rate of interest had been 5% more, then how much more interest would it have earned?

At the rate of 8% the amount invested earns simple interest of ₹240 after 3 years.

simple interest = $$\frac{\left(principal\ amount\times\ Rate\ of\ interest\times\ time\right)}{100}$$

$$240 = \frac{\left(principal\ amount\times\ 8\times\ 3\right)}{100}$$

$$240=\frac{\left(principal\ amount\times\ 24\right)}{100}$$

principal amount = ₹1000

If the rate of interest is 5% more.

Then simple interest = $$\frac{\left(1000\times\ 13\times\ 3\right)}{100}$$

= 390

Difference = 390-240 = 150

When the rate of interest is 5% more, then the interest will be ₹150 more.