Question : A sum of Rs. 3000 is invested in a scheme of simple interest. The rate of interest in this scheme is 10 percent per annum. If Rs. 1200 interest is obtained, then for how many months is the sum invested?
Option 1: 30 months
Option 2: 36 months
Option 3: 40 months
Option 4: 48 months
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Correct Answer: 48 months
Solution :
Sum, $P$ = Rs. 3000
Rate, $R$ = 10%
Simple interest, SI = Rs. 1200
Let $T$ be the term (in years)
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
⇒ $1200$ = $\frac{3000 × T × 10}{100}$
⇒ $T$ = $\frac{120000}{30000}$ = 4 years = 4 × 12 months = 48 months
Hence, the correct answer is 48 months.
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