Question 75

The simple interest accrued on a sum of ₹15,000 at the end of 5 years is ₹9,750. If the rate of interest is 3% lesser, then the interest would be

Solution

Given,

Principal (P) = ₹15,000

Time (T) = 5 yrs

Simple Interest (SI) = ₹9750

As we know,

$$SI\ =\ \frac{\left(P\times\ R\times\ T\right)}{100}$$

$$9750=\ \frac{15000\times\ R\times\ 5}{100}$$

$$R=\frac{\left(9750\times\ 100\right)}{15000\times\ 5}=13\%$$

According to question, If interest is 3% lesser

New R = 13 - 3 = 10%

$$S.I=\frac{15000\times\ 10\times\ 5}{100}=₹7500$$

Hence, Option D is correct.

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