Question : A person lent a certain sum of money at the annual rate of 25 percent on simple interest. In 6 years the interest amounted to Rs. 360 more than the sum lent. What is the sum lent?
Option 1: Rs. 600
Option 2: Rs. 360
Option 3: Rs. 720
Option 4: Rs. 540
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Correct Answer: Rs. 720
Solution :
Let the sum be Rs. $x$.
Simple interest = $x+360$
We know that,
Simple interest = $\frac{\text{Principal × rate × time}}{100}$
⇒ $x+360 = \frac{x \times 25 \times 6}{100}$
⇒ $2x+720 = 3x$
$\therefore x=720$
Hence, the correct answer is Rs. 720.
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