Question : The simple interest on a certain sum for 3 years at 8% per annum is INR 9120 less than the simple interest on the same sum for 7 years at 8% per annum. Find the sum.
Option 1: INR 28,500
Option 2: INR 28,250
Option 3: INR 28,750
Option 4: INR 28,000
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Correct Answer: INR 28,500
Solution :
Use the formula: Simple interest $= \frac{\text{Principal × Rate × Time}}{100}$, to find the unknown value from the known value.
Given: Simple interest for 3 years is INR 9,120 less than the simple interest for 7 years.
So, $P \times \frac{8 \times 7}{100} - P \times \frac{8 \times 3}{100}$ = 9120
⇒ $P \times \frac{8 \times 4}{100}$ = 9120
⇒ $P = \frac{9120}{\frac{8 \times 4}{100}}$ = INR 28,500
Hence, the correct answer is INR 28,500.
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