Question
Download Solution PDFThe simple interest on a certain sum for 4 years at 14% per annum is Rs. 6,160 less than the simple interest on the same sum at the same rate for 8 years. Find the sum.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Simple interest for 4 years (SI4) at 14% per annum is ₹6,160 less than simple interest for 8 years (SI8) at the same rate.
Rate (R) = 14%
Time difference (t) = 8 - 4 = 4 years
SI8 - SI4 = ₹6,160
Formula used:
Simple Interest (SI) = (P × R × T) / 100
Where, P = Principal, R = Rate, T = Time
Calculations:
SI8 = (P × 14 × 8) / 100
SI4 = (P × 14 × 4) / 100
SI8 - SI4 = ₹6,160
⇒ [(P × 14 × 8) / 100] - [(P × 14 × 4) / 100] = ₹6,160
⇒ (P × 14 × 4) / 100 = ₹6,160
⇒ (P × 56) / 100 = ₹6,160
⇒ P = (₹6,160 × 100) / 56
⇒ P = ₹11,000
∴ The correct answer is option (3).
Last updated on May 28, 2025
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