IBPS SO Prelims Exam Model Paper 10

Given:
Simple interest is Rs. 3600 more when the sum of money is invested for 5 years at the rate of 15 % per annum
Formula used:
Simple interest =

(Principal×Rate×Time)

100

Calculation:
Let the Principal is Rs. x
⇒ Simple interest =

(x×15×5)

100

⇒

75x

100

---(1)
⇒ Simple interest =

(x×19×3)

100

⇒

57x

100

---(2)
According to the question:
⇒ (75

x

100

) – (

57x

100

) = 3600
⇒ 18x/100 = 3600
⇒ x = Rs. 20,000
⇒ Simple interest for 3 years =

(20,000×10×3)

100

⇒ Rs. 6000
⇒ Required amount = Rs. 20,000 + Rs. 6000
⇒ Rs. 26,000