Multiple choice

Simple interest on a certain amount of money for 3 years at 30% per annum is Rs. 660 less than the simple interest on the same sum for 2 years at 12% per annum. Find the amount.

  1. Rs. 2,000

  2. Rs. 1,500

  3. Rs. 1,000

  4. Rs. 900

  5. Rs. 500
Reveal answer Fill a bubble to check yourself
C Correct answer
AI explanation

Using the simple interest formula of SI = PRT / 100, the interest for 3 years at 30% is P(3)(30)/100 = 0.9P, and the interest for 2 years at 12% is P(2)(12)/100 = 0.24P. The problem states 0.9P - 0.24P = 660, which simplifies to 0.66P = 660. Solving this gives P = 1000, making the amount Rs. 1,000.

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