Question 63

The simple interest on an amount of ₹2800 at the end of 3 years is ₹420. What would be the simple interest on an amount of ₹3200 for the same rate and the same period?

Solution

The simple interest on an amount of ₹2800 at the end of 3 years is ₹420.

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

Where P = principal amount, R = rate of interest, T = time

$$420 = \frac{2800 \times\ R \times\ 3}{100}$$

140 = 28R

R = 5%

Simple interest on an amount of ₹3200 for the same rate and the same period = $$\frac{3200\times\ 5\times\ 3}{100}$$

= $$32\times15$$

= ₹480

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