Question:A sum was put at simple interest at a certain rate for 3 years. Had it been put at 2% higher rate, it would have fetched Rs. 360 more. Find the sum.
Answer Let sum = P and original rate = R. Then, `(P xx (R + 2) xx 3)/(100) - (P xx R xx 3)/(100)` `= 360` or 3 PR + 6P - 3PR `= 36000 or 6P` `= 36000 or P = 6000. Hence, sum = Rs 6000.
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A sum was put at simple interest at a certain rate for 3 years. Had it been put at 2% higher rate, it would have fetched Rs. 360 more. Find the sum.