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. Interest
Q1. 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. Interest
Answer: Rs0.60
Explanation: Extra interest for 3 years at 2% higher rate = P × 0.02 × 3 = 360; solving gives P = Rs. 6000.