NIFT PG 2019 Question Paper with solutions

Question : 26 of 150

Marks: +1, -0

A sum of money was lent at simple interest at a certain rate for

3 {yr}

. Had it been lent at

2.5 \%

per annum higher rate, it would have fetched

₹ 540

more. The money lent was

Solution:

Let the

sum=P

, Original rate

=R \%

New rate

=(R+2.5) \%

According to the question.

\;{P(R+2.5) × 3}/{100}-\;{P × R × 3}/{100}=540 \;\; ( ∵ {SI}=\;{P × R × T}/{100})

⇒ \;\; 3 P R+75 P-3 P R=54000

⇒ \;\; P=\;{54000}/{7.5}

∴ \;\; P=7200

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