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.

A. Rs.4000
B. Rs.9000
C. Rs.5000
D. Rs.6000

Let sum = P and original rate = R. Then
[(P * (R+2) * 3)/100] – [ (P * R * 3)/100] = 360

3P*(R+2) – 3PR = 36000

3PR + 6P – 3PR = 36000

6P = 36000

P = 6000

Correct Answer: Rs.6000 ✔

Last Updated: February 07, 2020