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
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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