Question
Download Solution PDFThe simple interest on a certain sum for 3 years at 14% p.a. is ₹4,200 less than the simple interest on the same sum for 5 years at the same rate. Find the sum.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
The simple interest on a certain sum for 3 years at 14% p.a. is ₹4,200 less than the simple interest on the same sum for 5 years at the same rate.
Concept used:
Simple Interest, SI = (P × R × T)/100
Amount = P + SI
where
P = Principal amount
R = Rate of interest per year
T = Time in years
Calculation:
Let the principal amount be P.
According to the question,
(P × 14 × 5)/100 - (P × 14 × 3)/100 = 4200
⇒ (P × 14 × 2)/100 = 4200
⇒ P = 15000
∴ The sum is ₹15,000.
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