Simple Interest Practice Test 3

Question : 18 of 40

Marks: +1, -0

A sum of money kept in a bank amounts to Rs 1,240 in 4 years and Rs 1,600 in 10 years at simple interest. Find the sum.

Solution:

Simple interest for six years = Rs 1,600 - Rs 1,240 = Rs 360
Simple interest for one year =

360/6

= Rs 60
Simple interest for 10 years = Rs (60 × 10) = Rs 600
Sum = Amount - Simple Interest = 1,600 - 600
Sum = Rs 1,000

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