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Question : Simple interest on a sum for three months at the rate of 15% per annum is Rs. 600. What is the sum?

Option 1: Rs. 16000

Option 2: Rs. 4000

Option 3: Rs. 1600

Option 4: Rs. 32000


Team Careers360 9th Jan, 2024
Answer (1)
Team Careers360 16th Jan, 2024

Correct Answer: Rs. 16000


Solution : Given: Simple interest = Rs. 600
Time = 3 months = $\frac{3}{12}$ years
Rate = 15%
We know that,
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
⇒ $600 = \frac{\text{Principal × 15 × 3}}{100\times12}$
⇒ Principal = $\frac{600 × 100 × 12}{15\times3}$ = 16000
Hence, the correct answer is Rs. 16000.

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