If the difference between the simple interest on a certain sum of money for 4 years at 2.5% per an-num and the simple interest on the same sum for the same period at 3% per annum is Rs. 60, then find the sum.
Question
If the difference between the simple interest on a certain sum of money for 4 years at 2.5% per an-num and the simple interest on the same sum for the same period at 3% per annum is Rs. 60, then find the sum.
Solution
To find the sum of money, we can use the formula for simple interest and the given information.
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The formula for simple interest is I = PRT/100, where I is the interest, P is the principal amount (the sum we're trying to find), R is the rate of interest, and T is the time.
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We know that the difference in interest when the rate is 2.5% and when it is 3% is Rs. 60. We can set up the following equation using the formula for simple interest:
P * 4 * 3/100 - P * 4 * 2.5/100 = 60
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Simplify the equation:
P * 12/100 - P * 10/100 = 60 P * 2/100 = 60
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Solve for P:
P = 60 / (2/100) = Rs. 3000
So, the sum of money is Rs. 3000.
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